NAUTILUS PROVIDES CORPORATE UPDATE
The Toronto Stock Exchange has advised Nautilus Minerals Inc. that the common shares of Nautilus will be delisted from the TSX, effective at the close of market on April 3, 2019. Nautilus appealed the initial decision by TSX to delist the company’s common shares; however, the company’s appeal was unsuccessful.
The company’s common shares will continue to be suspended from trading on TSX until the company is delisted on April 3, 2019. The company’s common shares remain halted from trading on the OTC Markets.
As previously disclosed, Nautilus filed for, and was granted, creditor protection under the Companies’ Creditors Arrangement Act (CCAA) by the Supreme Court of British Columbia. The court approved a sale and investment solicitation plan (SISP). The SISP had been prepared with input from PricewaterhouseCoopers Inc., the court-appointed monitor of the company. PwC will oversee the implementation of the SISP.
The court order, the SISP, the monitor’s reports, other court documents and general updates on the CCAA proceedings can be viewed at
the PwC website.
Through the CCAA proceedings, a company controlled by affiliates of Nautilus’s two major shareholders is prepared to advance up to $4-million (U.S.) to Nautilus under a credit facility to finance the continuing expenses and restructuring activities of Nautilus, including the implementation of the SISP. To date, $1.1-million (U.S.) has been advanced. The company expects to draw further advances on an as-needed basis.
