Key points
- Nautilus Minerals released unaudited consolidated financial results for the quarter ended June 30, 2012.
- The company signed an offtake agreement for Solwara 1 and listed on OTCQX during the quarter.
- Cash and cash equivalents totaled $87.1-million as at June 30, 2012, while a dispute and arbitration with Papua New Guinea continued and a delay to the vessel build was identified.
- Subsequent to quarter end, the company announced a private placement of common shares to raise $34-million for construction of key equipment.
Nautilus Minerals Inc. has released its unaudited consolidated financial results for the second quarter ended June 30, 2012, together with management’s discussion and analysis.
Second-quarter 2012 significant events:
Bismarck exploration program completed;Signed landmark offtake agreement for Solwara 1;Listed on OTCQX;Dispute process and arbitration with the State of Papua New Guinea;Potential delay to vessel build identified;Solwara 1 project build advances;$87.1-million (equivalent) in cash and cash equivalents as at June 30,
2012.
- Bismarck exploration program completed;
- Signed landmark offtake agreement for Solwara 1;
- Listed on OTCQX;
- Dispute process and arbitration with the State of Papua New Guinea;
- Potential delay to vessel build identified;
- Solwara 1 project build advances;
- $87.1-million (equivalent) in cash and cash equivalents as at June 30,
2012.
Second-quarter 2012 subsequent event:
Private placement of common shares to raise $34-million.
- Private placement of common shares to raise $34-million.
“We took a significant step forward this quarter with the signing of the landmark offtake agreement with Tongling,” said Nautilus’s chief executive officer, Stephen Rogers. “Whilst we now expect some delay to the vessel construction program the seafloor production equipment build continues and we are working hard to minimize the overall impact to the production date.
“The $34-million to be raised through the private placement will be used to continue the construction of key equipment.”
The financial statements, and management’s discussion and analysis have been filed on SEDAR and are also available on the company’s website.
