Nautilus Minerals

Nautilus Minerals appointed John McCoach, former TSX Venture Exchange president, to its board following the resignation of Mark Horn.

Nautilus Minerals reported continued progress on the Solwara 1 seafloor production system, still targeting first production in H1 2019 subject to financing.

Nautilus Minerals signed a financing mandate with shareholder-backed Deep Sea Mining Finance to arrange up to $350-million (U.S.) for the Solwara 1 project.

Mark P.M. Horn has resigned as a director of Nautilus Minerals Inc. to lead Deep Sea Mining Finance Ltd., a new venture of two major shareholders.

Nautilus Minerals says it needs about $41-million (U.S.) in new financing before the end of 2017, including at least $15-million (U.S.) by Oct. 31, 2017, to keep developing Solwara 1.

Nautilus Minerals reported unaudited Q2 2017 results with $14 million in cash and continued progress on its Solwara 1 sea floor mining project.

Nautilus Minerals closed a US$2-million private placement, issuing 11,761,682 common shares to Mawarid Offshore Mining and Metalloinvest Holding (Cyprus).

Metalloinvest Holding (Cyprus) Ltd. acquired 16,990,111 common shares of Nautilus Minerals Inc. under a private-placement subscription agreement, raising its stake to approximately 18.5 per cent.

Nautilus Minerals has delivered a financing notice for a US$2-million private placement of 11,761,682 common shares at 21.4 cents each to Mawarid Offshore Mining and Metalloinvest Holding.

Nautilus Minerals shareholders approved all resolutions at the company's AGM in Vancouver, where 59.12 per cent of issued shares were represented.