Nautilus Minerals

Nautilus Minerals increased its Solwara 1 resource estimate and declared a maiden inferred resource at Solwara 12 following a drilling campaign in Papua New Guinea's Bismarck Sea.

Nautilus Minerals reported a $155.1-million cash balance for the September 2011 quarter after raising $70.5-million toward a $98.1-million financing that saw its board sanction the Solwara 1 project.

Nautilus Minerals closed the second and final tranche of its private placement, raising gross proceeds of $27.6 million through the issue of 10,940,004 shares.

Nautilus Minerals received $70.5-million in gross proceeds from the first tranche of its private placement, issuing 27,987,853 shares at $2.52 per share.

Nautilus Minerals granted 900,000 options and 200,000 loan shares to non-executive directors as full 2011 remuneration.

Nautilus Minerals will raise about US$100 million (C$98.1 million) in a private placement of roughly 39 million shares to finance development of its Solwara 1 seafloor copper-gold project in the Bismarck Sea, Papua New Guinea.

Nautilus Minerals reported a $112-million (U.S.) cash balance and a reduced first-half loss of $7.98-million (U.S.) after securing its Solwara 1 mining lease and new Pacific exploration licences.

Nautilus Minerals has been granted 14 offshore exploration licences covering about 60,000 square kilometres in Fijian waters, the first such award to a private company in Fiji.

Nautilus Minerals shareholders, representing 72 per cent of issued shares, approved all resolutions at the company's AGM held in Toronto, Ont.

Nautilus Minerals' Tongan subsidiary TOML was awarded exploration licences for roughly 75,000 square kilometres in the Clarion Clipperton Zone.