Key points
- The financing notice, dated May 19, 2017, was issued under a subscription agreement with Mawarid Offshore Mining Ltd. and Metalloinvest Holding (Cyprus) Ltd. dated Aug. 21, 2016, as amended.
- The private placement of 11,021,052 common shares at 24.7 cents per share will raise aggregate proceeds of US$2 million, split equally between the two investors.
- The issue price equals the five-day volume-weighted average trading price on the TSX and the share count was calculated using the Bank of Canada’s 1.3611 U.S./Canadian exchange rate.
- Closing must occur in June 2017, within 10 business days of payment, as part of the up to US$20-million financing approved by shareholders on Oct. 26, 2016.
NAUTILUS DELIVERS US$2 MILLION FINANCING NOTICE FOR JUNE 2017
Pursuant to Nautilus Minerals Inc.’s subscription agreement with Mawarid Offshore Mining Ltd. and Metalloinvest Holding (Cyprus) Ltd., dated Aug. 21, 2016, as amended, the company has delivered a financing notice dated May 19, 2017, to the investors in respect of a private placement of an aggregate of 11,021,052 common shares of the company at an issue price of 24.7 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 daily U.S./Canadian-dollar exchange rate of 1.3611 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 June, 2017, 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 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.
About Nautilus Minerals Inc.
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.
