Key points
- Nautilus Minerals entered an amending agreement with M. Horn & Co. Ltd., converting the exclusive financing mandate from Jan. 8, 2018 to a non-exclusive arrangement.
- The adviser retains its existing fees on financings it introduces and gains a new fee equal to 1 per cent of financings closed with advisers it did not introduce.
- The amended mandate’s term expires Jan. 8, 2019 unless the company and adviser agree otherwise.
- Nautilus holds the first mining lease for polymetallic seafloor massive sulphide deposits at Solwara 1 in Papua New Guinea and has received its environmental permit for the site.
NAUTILUS AMENDS FUNDING MANDATE
Nautilus Minerals Inc. has entered into an amending agreement with M. Horn & Co. Ltd. pursuant to which the adviser will provide the services under the existing financing mandate agreement on a non-exclusive basis. Previously the adviser was engaged on an exclusive basis (see news release dated Jan. 8, 2018). The company believes that a non-exclusive engagement will provide the company with more flexibility and options as it continues to seek the remaining project financing required to complete the development of the Solwara 1 project.
Under the amended financing mandate, the adviser will continue to be entitled to the fees payable under the existing mandate on financings introduced to the company by the adviser during the term of the mandate. The adviser will also be entitled to a fee equal to 1 per cent of the amount of financings closed during the term of the mandate with advisers not introduced to the company by the adviser. The term of the mandate expires on Jan. 8, 2019, unless otherwise agreed between the company and the adviser.
Efforts to secure project financing are continuing and the company is in active discussions with various third parties and financial advisers as the company considers numerous financing structures and alternatives.
The company will provide further updates as circumstances warrant.
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.
