NAUTILUS MAKES PROGRESS
Nautilus Minerals Inc. has recently made progress on several fronts.
Nautilus has engaged two financial advisers
Nautilus has entered into a financial advisory service agreement with Metals Logistics Investments Ltd. (MLI). MLI is a Dubai registered advisory firm focusing on companies in the resource sector with professionals in the United Kingdom, Switzerland and the United States. MLI is advising Nautilus on alternative financing solutions.
Nautilus has also engaged Eight Capital as financial adviser to assist in a comprehensive review and analysis of strategic alternatives aimed at enhancing shareholder value. Eight Capital is a Canadian-principal-owned, full-service investment dealer and is known globally as a leading investment banking firm in the mining sector.
John McCoach, chief executive officer, Nautilus Minerals, said, “We are thrilled to be working with two world-class advisers like MLI and Eight Capital.”
The company does not intend to provide further updates on its strategic review until such time as management and the board of directors determine is appropriate. There can be no guarantee that this review will result in a transaction or, if a transaction is undertaken, as to its terms or timing.
Update on production support vessel
As previously disclosed, Nautilus has been notified by Fujian Mawei Shipbuilding Ltd., the owner of the shipyard where Nautilus’s production support vessel (the PSV) is being built, that the shipyard has rescinded the shipbuilding contract between the shipyard and MAC Goliath Pte. Ltd. (MAC), the contractor engaged by Nautilus to procure the construction of the PSV on behalf of Nautilus. The company is currently in discussions with other parties about the ownership of the PSV and terms of a charter of the PSV to Nautilus. 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 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.
Nautilus also holds highly prospective exploration acreage in the western Pacific (granted and under application), as well as in international waters in the central Pacific.
