Poseidon

Namibian Minerals is placing several South African subsidiaries into provisional liquidation, expected to be finalized in about six weeks, after cash flow problems from a January accident to its NamSSol mining system.

Namco arranged $10.25-million (U.S.) in financing through Canaccord Capital, comprising an $8.25-million share sale and $2-million in convertible debentures, subject to approvals expected in March, 2001.

Namibian Minerals denied a Dow Jones report of liquidation talks, confirming instead it is managing cash flow after losing the NamSSol crawler's undercarriage.

Namibian Minerals lost the undercarriage of its NamSSol seabed crawler on the ocean floor after a failed recovery attempt off Namibia.

Namibian Minerals' NamSSol seabed crawler suffered chassis damage during a recovery attempt off Luderitz Bay on Jan. 7, 2001.