Key points
- The private placement is issued under a subscription agreement with Mawarid Offshore Mining Ltd. and Metalloinvest Holding (Cyprus) Ltd. dated Aug. 21, 2016, as amended.
- Shares will be issued at 17.4 cents each for aggregate proceeds of US$2 million, split equally between the two investors.
- Closing is required to occur during December 2016, within 10 business days of the investors paying the subscription proceeds.
- The placement forms part of up to US$20 million in financing approved by shareholders at the company’s extraordinary general meeting on Oct. 26, 2016.
NAUTILUS DELIVERS US$2 MILLION FINANCING NOTICE FOR NOVEMBER 2016
Pursuant to its subscription agreement with Mawarid Offshore Mining Ltd. and Metalloinvest Holding (Cyprus) Ltd. dated Aug. 21, 2016, as amended, Nautilus Minerals Inc. has delivered a financing notice dated Nov. 21, 2016, to the investors in respect of a private placement of an aggregate of 15,539,080 common shares of the company at an issue price of 17.4 cents per share for aggregate proceeds to the company of $2-million (U.S.). The private placement will be allocated equally between the two investors.
In accordance with the subscription agreement, the issue price equals the five-day volume-weighted average trading price of the company’s shares on the Toronto Stock Exchange immediately prior to the date of the financing notice, and the number of shares to be issued under the financing notice was calculated based on the noon U.S.-dollar/Canadian-dollar exchange rate of 1.3519 posted by the Bank of Canada on the last business day prior to the date of the financing notice.
Closing of the private placement under the financing notice is required to occur during December, 2016, and within 10 business days following payment of the subscription proceeds by the investors to the company, pursuant to the subscription agreement.
The private placement forms part of the financing of up to $20-million (U.S.) approved by the company’s shareholders at the extraordinary general meeting of the company held on Oct. 26, 2016.
About Nautilus Minerals
Nautilus is the first company to explore the ocean floor for polymetallic sea floor 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.
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.
