Key points
- Nautilus received shareholder approval for a $20-million (U.S.) bridge financing facility provided by its two largest shareholders.
- The company raised $28-million through a rights offering during 2016.
- Nautilus took delivery of three sea floor production tools and completed assembly of the pump and riser system for Solwara 1.
- The company finished 2016 with $26.8-million (U.S.) in cash and cash equivalents and announced an upgrade to its CCZ mineral resource.
Nautilus Minerals Inc. has released its audited consolidated financial statements for the year ended Dec. 31, 2016, together with the related management discussion and analysis.
2016 significant events
Advanced the Solwara 1 project by taking delivery of the three sea floor production tools and completing assembly of the pump and riser system;Advanced the production support vessel construction;Restructured the development plans for the Solwara 1 project with resulting staff reductions and schedule modifications;
Received overwhelming shareholder approval in favour of a $20-million (U.S.) bridge financing facility provided by the company’s two largest shareholders;Raised $28-million through a rights offering;Announced the upgrade and increase to the company’s CCZ mineral resource;Finished the year with $26.8-million (U.S.) in cash and cash equivalents as at Dec. 31, 2016.
- Advanced the Solwara 1 project by taking delivery of the three sea floor production tools and completing assembly of the pump and riser system;
- Advanced the production support vessel construction;
- Restructured the development plans for the Solwara 1 project with resulting staff reductions and schedule modifications;
- Received overwhelming shareholder approval in favour of a $20-million (U.S.) bridge financing facility provided by the company’s two largest shareholders;
- Raised $28-million through a rights offering;
- Announced the upgrade and increase to the company’s CCZ mineral resource;
- Finished the year with $26.8-million (U.S.) in cash and cash equivalents as at Dec. 31, 2016.
Nautilus’s chief executive officer, Mike Johnston, commented: “[Two thousand sixteen] was a challenging year for Nautilus, as it was for many mining companies, but the company still remains on track to achieve production in Q1 2019, subject to financing. We look forward to updating the market on the status of our ongoing finance discussions in the coming months.”
The financial statements and management discussion and analysis will be filed on SEDAR and will also be available on the company’s website.
About Nautilus Minerals Inc.
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. 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.
