Key points
- Nautilus has not yet received the $5-million (U.S.) loan referenced in its Jan. 8, 2019, news release.
- Deep Sea Mining Finance has agreed to loan Nautilus $500,000 (U.S.) to meet short-term financing obligations.
- The financing will allow Nautilus to assess its options, including various restructuring options.
- Nautilus holds the first mining lease for polymetallic seafloor massive sulphide deposits at Solwara 1 in Papua New Guinea and has been granted its environmental permit for the site.
NAUTILUS PROVIDES CORPORATE UPDATE
Nautilus Minerals Inc. has provided the following corporate update.
Further to the company’s news release dated Jan. 8, 2019, Nautilus has not yet received the $5-million (U.S.) loan. Nautilus is, however, pleased to announce that Deep Sea Mining Finance has agreed to loan the company $500,000 (U.S.) to meet its short-term financing obligations. This financing will also allow Nautilus to assess its options, including various restructuring options.
A further press release will be made once these funds have been received later this week and further updates will be provided 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.
