Key points
- The first tranche of 27,987,853 shares was issued at $2.52 per share as part of a total $98.1-million capital raising of approximately 39 million shares.
- The remaining approximately 11 million shares are scheduled to be issued on Oct. 6, 2011.
- The first tranche shares are set to be admitted to trading on AIM of the London Stock Exchange on Sept. 9, 2011, and will also list on the Toronto Stock Exchange.
- Nautilus reinstated its EPCM contract with Technip USA Inc. for the riser and lifting system at a target cost of $115-million (U.S.), the final contract reinstated since the Solwara 1 project’s partial suspension in December 2008.
Nautilus Minerals Inc. has received gross proceeds of $70.5-million from the issue of the first tranche of shares forming part of the recently announced private placement.
A total of 27,987,853 shares were issued today in the first tranche at an issue price of $2.52 per share.
The shares formed part of a total capital raising of $98.1-million, before expenses, involving the issue of approximately 39 million shares. The remaining shares (approximately 11 million) are to be issued on Oct. 6, 2011.
Application has been made to the Alternative Investment Market (AIM) of the London Stock Exchange for the first tranche of 27,987,853 shares to be admitted to trading on Sept. 9, 2011. The shares also will be listed for trading on the Toronto Stock Exchange.
The private placement has been made to finance the construction of Nautilus Minerals’ seafloor resource production system, which initially will be deployed at the company’s first deepwater copper and gold project at Solwara 1, in the Bismarck Sea of Papua New Guinea.
As a result of the successful capital raising, Nautilus has today reinstated the engineering, procurement, construction and management (EPCM) contract for the supply of the riser and lifting system (RALS) for the project. The RALS will transport mineralized material from the seafloor to a production support vessel approximately 1,600 metres above. The EPCM contract, which includes the procurement of RALS components, has a target cost of $115-million (U.S.). The contract is with Technip USA Inc. It is the final contract to be reinstated following the partial suspension of the Solwara 1 project in December, 2008.
