Key points
- Jonathan Whitworth, former Seaspan CEO who announced his retirement effective December 31, 2017, joins the Nautilus board as an independent non-executive director.
- The board now comprises Tariq Al Barwani (chairman), Dr. Mohammed Al Barwani, John McCoach, Jay Layman and Jonathan Whitworth.
- Nautilus issued 14,987,000 options with a strike price of 23 cents, with 25 per cent vesting immediately and the remainder vesting in 25 per cent increments every six months over 18 months.
- The options carry a five-year expiration period from the date of grant.
Nautilus Minerals Inc. has appointed Jonathan Whitworth to the role of independent non-executive director and has granted loan shares and options to directors, officers and employees of, and key contractors to, the company.
Nautilus’s chairman Tariq Al Barwani commented: “I’m very pleased to welcome another independent director to the Nautilus board. Jonathan’s offshore background coupled with his leadership experience and strategic planning will be extremely helpful as we work towards advancing the seafloor mining industry.”
Following the appointment of Mr. Whitworth, the members of the company’s board of directors are as follows:
Tariq Al Barwani (chairman and non-executive director);
Dr. Mohammed Al Barwani (non-executive director);
John McCoach (independent non-executive director);
Jay Layman (independent non-executive director);Mr. Whitworth.
- Tariq Al Barwani (chairman and non-executive director);
- Dr. Mohammed Al Barwani (non-executive director);
- John McCoach (independent non-executive director);
- Jay Layman (independent non-executive director);
- Mr. Whitworth.
Mr. Whitworth joined Seaspan in 2009 as chief executive officer, bringing over 20 years of seagoing, management, strategic planning and leadership experience to the organization. In February, 2017,
Mr. Whitworth announced his retirement from Seaspan effective Dec. 31, 2017. Seaspan is an association of Canadian companies primarily involved in coastal marine transportation, shipdocking/ship escort, ship repair and shipbuilding services in Western North America.
After graduating from the Texas Maritime Academy, Mr. Whitworth sailed for six years as an officer aboard tankers and chemical carriers in the international market. He still holds an unlimited chief mate licence and a 1,600-ton captain licence. He is one of a few shipowner and shipyard leaders in North America who has sailed at sea and commanded a vessel.
After completing his MBA at the University of North Texas, Mr. Whitworth came ashore and held a number of management positions at ExxonMobil and Teekay Shipping. He later became chief executive officer of Maritrans Inc., the largest publicly held tug/barge and tanker operator in the U.S. Jones Act trade. Maritrans was sold to Overseas Shipholding Group of New York, in 2006, and Mr. Whitworth was retained as president to continue the strategic plan created at Maritrans.
Mr. Whitworth is very involved in the marine and business community through board memberships with the B.C. Industry Training Authority, the Business Council of B.C. and Texas A&M University at Galveston.
Grant of loan shares and options
The company has issued a total of 14,987,000 options to directors, officers and employees of, and key contractors to, the company. The strike price is 23 cents and 25 per cent of the award vests immediately with the remaining having a vesting period as to 25 per cent every six months for a period of 18 months starting at the date of grant. The awards have a five-year expiration period from the date of the award.
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.
