Nautilus Minerals

Mawarid Offshore Mining, a subsidiary of MB Holding Company LLC, agreed on July 31, 2012 to subscribe for up to 20 million Nautilus Minerals shares at 90 cents each in two tranches.

Nautilus Minerals plans to raise approximately $34-million through a private placement of 37.7 million common shares at 90 cents each to fund its sea-floor production system.

Nautilus Minerals and Papua New Guinea have appointed former Australian High Court chief justice Murray Gleeson as arbitrator to resolve their dispute in Sydney under UNCITRAL rules.

Papua New Guinea has issued a notice of arbitration against Nautilus Minerals Inc. and Nautilus Minerals Niugini Ltd. over a dispute under their 2011 state equity option agreement.

Nautilus Minerals Inc. held its 2012 annual general meeting in Toronto, where 69.5 per cent of issued shares were represented and all resolutions passed.

Papua New Guinea has issued a notice of arbitration against Nautilus Minerals under their March 29, 2011 agreement covering the Solwara 1 project.

Nautilus Minerals and Papua New Guinea continued meetings over the past two weeks to resolve their dispute over the Solwara 1 project.

Nautilus Minerals is in a dispute with Papua New Guinea over completion of their March 29, 2011 agreement and has begun the pact's dispute resolution process.

Nautilus Minerals says a change in partner Harren & Partner's equity commitment could delay financing and construction of the Solwara 1 production support vessel.

Nautilus Minerals released unaudited Q1 2012 financial results, reporting $129.5 million in cash and continued progress on the Solwara 1 project.