Key points
- The company received $2-million (U.S.) during Q3 2017 through a $20-million (U.S.) bridge financing facility provided by its two largest shareholders.
- Mark Horn resigned as director and John McCoach was appointed as director.
- Nautilus appointed Deep Sea Mining Finance Ltd., owned by its two major shareholders and led by Mr. Horn, as exclusive financial adviser for the remaining project financing on Solwara 1.
- The company completed submerged trials for the collecting machine and held $4.80-million (U.S.) in cash and cash equivalents as at Sept. 30, 2017.
Nautilus Minerals Inc. has released its unaudited consolidated financial statements for the third quarter ended Sept. 30, 2017, together with management’s discussion and analysis (MD&A).
Q3 2017 significant events:
Received $2-million (U.S.) through the $20-million (U.S.) bridge financing facility provided by the company’s two largest shareholders during Q3 2017; Announced the resignation of Mark Horn as director and appointment of John McCoach as director;Announced a financing mandate with Deep Sea Mining Finance Ltd. (DSMF), a company owned by Nautilus’s two major shareholders and led by Mr. Horn, whereby DSMF has been appointed as the company’s exclusive financial adviser in respect of the remaining project financing to complete the development of the Solwara 1 project;Completed the submerged trials for the collecting machine (CM);$4.80-million (U.S.) in cash and cash equivalents as at Sept. 30, 2017.
- Received $2-million (U.S.) through the $20-million (U.S.) bridge financing facility provided by the company’s two largest shareholders during Q3 2017;
- Announced the resignation of Mark Horn as director and appointment of John McCoach as director;
- Announced a financing mandate with Deep Sea Mining Finance Ltd. (DSMF), a company owned by Nautilus’s two major shareholders and led by Mr. Horn, whereby DSMF has been appointed as the company’s exclusive financial adviser in respect of the remaining project financing to complete the development of the Solwara 1 project;
- Completed the submerged trials for the collecting machine (CM);
- $4.80-million (U.S.) in cash and cash equivalents as at Sept. 30, 2017.
Mike Johnston, Nautilus’s chief executive officer, commented: “Q3 2017 has been a critical period for the company. We appointed DSMF as our exclusive financial adviser to assist with the remaining project financing that is required to get the Solwara 1 project into production. We continued to make good progress on the submerged trials in Papua New Guinea. The CM has now been completed, and the auxiliary cutter is currently undergoing trials. The bulk cutter is scheduled to commence trials towards the end of Q4 2017. We remain committed to developing the world’s first commercial high-grade sea floor copper-gold mine at the Solwara 1 project site in the first half of 2019, subject to further financing.”
The unaudited financial statements and management’s discussion and analysis will be filed on SEDAR and will also be available on the company’s website.
About Nautilus Minerals Inc.
Nautilus is the first company to explore the ocean floor for polymetallic sea floor massive sulphide deposits. Nautilus was granted the first mining lease for such deposits at the prospect known as Solwara 1, in the territorial waters of Papua New Guinea, where it is aiming to produce copper, gold and silver. The company has also been granted its environmental permit for this site.
