Nautilus Minerals

Nautilus Minerals' board has adopted an advance notice policy setting deadlines and information requirements for shareholder director nominations.

Nautilus Minerals will cancel its AIM listing effective March 8, 2013, citing low share liquidity and high listing costs, while keeping its Toronto Stock Exchange listing.

Nautilus Minerals says its two largest shareholders have not been approached about Michael Bailey's unsolicited takeover bid announced Jan. 7, and the board cannot yet validate the offer.

Michael Bailey has retained True North Advisers to advise on his takeover bid for Nautilus Minerals and negotiate terms with the Papua New Guinea government.

Michael Bailey's family office has launched a hostile all-cash tender offer for all outstanding Nautilus Minerals shares at 97 cents each, a $237.99-million deal.

Nautilus Minerals says it has had no contact with Michael Bailey regarding his announced unsolicited takeover bid for the company.

Michael Bailey's family office launched a hostile all-cash tender offer for all outstanding shares of Nautilus Minerals at 97 cents per share, valuing the deal at $237.99-million.

Nautilus Minerals released Q3 2012 results showing $90.9 million in cash, a completed private placement, a CEO change, and termination of the Solwara 1 equipment build.

Nautilus Minerals has terminated construction of the seafloor production system for Solwara 1 and cut about 60 jobs amid a cost dispute with Papua New Guinea.

Nautilus Minerals discovered two new high-grade seafloor massive sulphide systems in Tonga's NE Lau basin, with samples assaying up to 11.9% copper, 59.8% zinc, 28.6 g/t gold and 673 g/t silver.