Key points
- Nautilus Minerals Inc. secured the intellectual property rights required by the state nominee, satisfying the first of two conditions precedent.
- Eda Kopa (Solwara) Ltd. paid $113-million (U.S.) into escrow in May 2014 for its 15-per-cent interest in the Solwara 1 project.
- The second condition precedent requires Nautilus to secure the charter of a production support vessel before the escrowed funds are released.
- CEO Mike Johnston said discussions with potential vessel partners remain on track to meet the agreement’s required time frame.
Nautilus Minerals Inc. has satisfied the first of the two conditions precedent to its agreement with the nominee of Papua New Guinea to secure certain intellectual property rights.
In May, 2014, the company announced that following the state nominee, Eda Kopa (Solwara) Ltd., paying $113-million (U.S.) into escrow for its 15-per-cent interest in the Solwara 1 project up to first production, Nautilus was to secure for the state’s nominee certain intellectual property rights and the charter of a production support vessel in order for the escrowed funds to be released.
Mike Johnston, the company’s chief executive officer, commented: “Nautilus is pleased it has satisfied the first of the conditions precedent by securing the intellectual property rights required by the state and is now one step closer to securing the release of the escrowed funds. Discussions remain on track with potential vessel partners to obtain a suitable vessel arrangement within the time frame required under the agreement, which will see the funds released from escrow.”
