Key points
- Nautilus Minerals completed a $100-million (U.S.) private placement and was admitted to AIM during the first quarter ended March 31, 2007.
- The company also completed a separate $75-million (U.S.) private placement in North America during the quarter.
- Nautilus began what it describes as the world’s largest commercial exploration program for high-grade sea floor massive sulphide systems and discovered three new systems in Papua New Guinea’s territorial waters, named Solwara 5, 6 and 7.
- Effective May 28, 2007, the company granted 175,000 options to employees at $5.10 per share for a three-year term, vesting 20 per cent every six months over 30 months.
Nautilus Minerals Inc. has released its unaudited consolidated financial results for the first quarter ended March 31, 2007.
First quarter highlights:
$100-million (U.S.) private placement completed with the company being admitted to AIM;$75-million (U.S.) private placement completed in North America;commencement of world’s largest commercial exploration program for high-grade sea floor massive sulphide systems; anddiscovery of three new sea floor massive sulphide systems in the territorial waters of Papua New Guinea, which the company has called Solwara 5, 6 and 7.
- $100-million (U.S.) private placement completed with the company being admitted to AIM;
- $75-million (U.S.) private placement completed in North America;
- commencement of world’s largest commercial exploration program for high-grade sea floor massive sulphide systems; and
- discovery of three new sea floor massive sulphide systems in the territorial waters of Papua New Guinea, which the company has called Solwara 5, 6 and 7.
David Heydon, chief executive officer of the company, commented: “The first quarter has been a very successful one for the company with the completion of an additional $175-million (U.S.) capital raising and the commencement of the world’s largest commercial exploration program for high-grade sea floor massive sulphide systems. The program has already seen great success with the discovery of three new sea floor massive sulphide systems — Solwara 5, 6 and 7.”
The financial statements and management’s discussion and analysis have been filed on SEDAR.
Options
The company has granted 175,000 options to employees of the company effective from May 28, 2007, at a price of $5.10 for a term of three years vesting as to 20 per cent every six months for a period of 30 months, starting six months from the date of grant.
