Key points
- Russell Debney resigned as chairman and director of Nautilus Minerals Inc., effective Dec. 27, 2017.
- Debney also resigned as director and officer, as applicable, of each of the company’s operating subsidiaries.
- Nautilus is actively seeking to appoint a new independent director following the resignation.
- The company says it requires significant additional financing to complete the build and deployment of the sea floor production system for the Solwara 1 project.
NAUTILUS CHAIRMAN RESIGNS
Russell Debney has, effective Dec. 27, 2017, resigned as chairman and director of Nautilus Minerals Inc. and as director and officer, as applicable, of each of the company’s operating subsidiaries.
The company wishes to thank Mr. Debney for his many years of service to the company.
Following Mr. Debney’s resignation, the company is actively seeking the appointment of a new independent director.
The company requires significant additional financing in order to complete the build and deployment of the sea floor production system to be utilized at the Solwara 1 project by the company and its joint venture partner (as to 15 per cent), the Independent State of Papua New Guinea’s nominee. Discussions with various parties including the major shareholders continue. These discussions have taken longer than expected but the company remains positive that the discussions will be concluded soon.
There can be no assurances that the company will be successful in securing the necessary additional financing transactions within the required time or at all. Failure to secure the necessary financing may result in the company undergoing various transactions including, without limitation, asset sales, joint ventures and capital restructurings.
The company will provide further updates as circumstances warrant.
About Nautilus Minerals Inc.
Nautilus is the first company to explore the ocean floor for polymetallic seafloor 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.
