Key points
- The placement was split equally between Mawarid Offshore Mining Ltd. and Metalloinvest Holding (Cyprus) Ltd. under a subscription agreement dated Aug. 21, 2016, as amended.
- It forms part of an up-to-US$20-million financing package approved by shareholders at the Oct. 26, 2016 extraordinary general meeting.
- Directors also approved issuing 600,000 loan shares and 800,000 stock options to certain directors at 17 cents per share.
- The loan shares and options vest 20 per cent on Jan. 1, 2017 and 20 per cent every six months thereafter, expiring July 1, 2019.
NAUTILUS COMPLETES US$2 MILLION PRIVATE PLACEMENT
Nautilus Minerals Inc. has closed its previously announced private placement pursuant to its financing notice dated Nov. 21, 2016, delivered under the company’s subscription agreement with Mawarid Offshore Mining Ltd. and Metalloinvest Holding (Cyprus) Ltd. dated Aug. 21, 2016, as amended.
At the closing, the company issued an aggregate of 15,539,080 common shares to the investors at an issue price of 17.4 cents per share for aggregate proceeds to the company of $2-million (U.S.). The private placement was allocated equally between the two investors.
The private placement forms part of the up-to-$20-million (U.S.) financing approved by the company’s shareholders at the extraordinary general meeting of the company held on Oct. 26, 2016.
The company also announces that the directors have approved the issuance of 600,000 loan shares and 800,000 stock options, at an issue price or exercise price, as the case may be, of 17 cents per share, to certain directors of the company in accordance with the provisions of the company’s share loan plan and stock option plan. The securities will vest as to 20 per cent on Jan. 1, 2017, and 20 per cent every six months thereafter, with an expiry date of July 1, 2019.
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.
