Key points
- Effective March 29, 2019, four of Nautilus Minerals’ five directors resigned along with CEO John McCoach.
- Remaining director Tariq Al Barwani appointed CFO Glenn Withers as managing director.
- The company will be delisted from the Toronto Stock Exchange effective April 3, 2019.
- Nautilus is operating under CCAA creditor protection with a court-approved sale and investment solicitation plan overseen by monitor PricewaterhouseCoopers, with an outcome expected in late June or early July 2019.
Effective March 29, 2019, four of Nautilus Minerals Inc.’s five directors have resigned. John McCoach has also resigned as the company’s chief executive officer.
Tariq Al Barwani remains a director of Nautilus and has appointed the company’s chief financial officer, Glenn Withers, as managing director of Nautilus.
As previously disclosed on March 28, 2019, the company will be delisted from the Toronto Stock Exchange effective April 3, 2019.
As previously disclosed, Nautilus filed for, and was granted, creditor protection under the Companies’ Creditors Arrangement Act (CCAA) by the Supreme Court of British Columbia. The court approved a sale and investment solicitation plan (SISP). The SISP had been prepared with input from PricewaterhouseCoopers Inc., the court-appointed monitor of the company.
Mr. Al Barwani said: “Nautilus is focused on maximizing the benefit for all of its stakeholders through the SISP. PwC is very capably overseeing the implementation of the SISP.” Mr. Al Barwani added, “On behalf of the company I would like to thank John McCoach and the other departing board members for their enormous contributions.”
The company will report on the outcome of the SSIP in late June or early July, 2019. The monitor will file periodic reports with the court; they can be viewed at
PwC’s website.
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.
