Key points
- Nautilus Minerals released unaudited consolidated financial statements for the third quarter ended Sept. 30, 2016.
- The company entered an agreement for up to $20-million (U.S.) in bridge financing with two major shareholders and held $34.1-million (U.S.) in cash and cash equivalents as at Sept. 30, 2016.
- After quarter-end, Nautilus announced changes to its management team and received shareholder and regulatory approval for the bridge financing.
- CEO Mike Johnston said the quarter was challenging and thanked shareholders for their support in approving the bridge financing.
Nautilus Minerals Inc. has released its unaudited consolidated financial statements for the third quarter ended Sept. 30, 2016, together with its management’s discussion and analysis.
Q3 2016 significant events:
Entered into agreement for up to $20-million (U.S.) bridge financing with two
major shareholders;
Implementation of operational restructuring plan;
Advanced the Solwara 1 project;
Advanced the construction of the production support vessel (PSV);
$34.1-million (U.S.) in cash and cash equivalents as at Sept. 30, 2016.
- Entered into agreement for up to $20-million (U.S.) bridge financing with two
major shareholders;
- Implementation of operational restructuring plan;
- Advanced the Solwara 1 project;
- Advanced the construction of the production support vessel (PSV);
- $34.1-million (U.S.) in cash and cash equivalents as at Sept. 30, 2016.
Post Q3 2016 significant events:
Announced changes to the management team;
Received shareholder and regulatory approval for the bridge financing.
- Announced changes to the management team;
- Received shareholder and regulatory approval for the bridge financing.
Mike Johnston, Nautilus’s chief executive officer, said: “This past quarter has been a challenging one for the company. We are grateful for the support from our shareholders and in their overwhelming support in approving the recent bridge financing. We appreciate your continued support for our company as we look towards developing the seafloor mining industry.”
There can be no assurances that the company will be able to obtain the project financing on acceptable terms or at all. The company will provide further updates as circumstances warrant.
The financial statements, and management’s discussion and analysis, will be filed on SEDAR and will be available on the company’s website.
About Nautilus Minerals
Nautilus is the first company to explore the ocean floor for polymetallic seafloor massive sulphide deposits. Nautilus was granted the first mining lease for such deposits at the prospect known as Solwara 1 in the territorial waters of Papua New Guinea, where it is aiming to produce copper, gold and silver. The company has also been granted its environmental permit for this site.
Nautilus also holds highly prospective exploration acreage in the Western Pacific (granted and under application), as well as in international waters in the Central Pacific.
