Nautilus Chairman Resigns
27 December 2017 - 12:00PM
Nautilus Minerals Inc. (TSX:NUS) (OTC:NUSMF) (the
"
Company" or "
Nautilus")
announces that Russell Debney has, effective December 27, 2017,
resigned as Chairman and director of Nautilus and as director and
officer, as applicable, of each of the Company's operating
subsidiaries.
The Company wishes to thank Mr. Debney for his
many years of service to the Company.
Following Mr. Debney's resignation, the Company
is actively seeking the appointment of a new independent
director.
The Company requires significant additional
funding in order to complete the build and deployment of the
seafloor production system to be utilized at the Solwara 1 Project
by the Company and its joint venture partner (as to 15%), the
Independent State of Papua New Guinea’s nominee. Discussions with
various parties including the major shareholders continue. These
discussions have taken longer than expected but the Company remains
positive that the discussions will be concluded soon.
There can be no assurances that the Company will
be successful in securing the necessary additional financing
transactions within the required time or at all. Failure to secure
the necessary financing may result in the Company undergoing
various transactions including, without limitation, asset sales,
joint ventures and capital restructurings.
The Company will provide further updates as
circumstances warrant.
For more information please refer to
www.nautilusminerals.com or contact:
Investor Relations Nautilus Minerals Inc.
(Toronto) Email: investor@nautilusminerals.com Tel: +1 416 551
1100
The TSX does not accept responsibility
for the adequacy or accuracy of this press release.
Certain of the statements made in this news
release may contain forward-looking information within the meaning
of applicable securities laws, including statements with respect to
the development of the Solwara 1 Project. We have made numerous
assumptions about such statements, including assumptions relating
to the Company’s funding requirements, project funding, and
completion and operation of the Company's seafloor production
system. Even though our management believes the assumptions made
and the expectations represented by such statements are reasonable,
there can be no assurance that they will prove to be accurate.
Forward-looking information by its nature involves known and
unknown risks, uncertainties and other factors which may cause the
actual results to be materially different from any future results
expressed or implied by such forward-looking information. Please
refer to our most recently filed Annual Information Form in respect
of material assumptions and risks related to the prospects of
extracting minerals from the seafloor and other risks relating to
the Company's business and plans for development of the Solwara 1
Project. Risks related to continuing the Company's operations and
advancing the development of the Solwara 1 Project include the risk
that the Company will be unable to obtain at all or on acceptable
terms, and within the timeframes required, the remaining financings
necessary to fund completion of the build, testing and deployment
of the Company's seafloor production system and that agreements
with third party contractors for building slots within certain
timeframes are not secured as required. As the Company has not
completed an economic study in respect of the Solwara 1 Project,
there can be no assurance that the Company's production plans will,
if fully funded and implemented, successfully demonstrate that
seafloor resource production is commercially viable. Except as
required by law, we do not expect to update forward-looking
statements and information as conditions change and you are
referred to the full discussion of the Company's business contained
in the Company's reports filed with the securities regulatory
authorities in Canada.
About Nautilus Minerals Inc.
Nautilus is the first company to explore the ocean floor for
polymetallic seafloor massive sulphide deposits. Nautilus was
granted the first mining lease for such deposits at the prospect
known as Solwara 1, in the territorial waters of Papua New Guinea,
where it is aiming to produce copper, gold and silver. The Company
has also been granted its environmental permit for this site.
Nautilus also holds highly prospective exploration acreage in the
western Pacific (granted and under application), as well as in
international waters in the Central Pacific. A Canadian registered
company, Nautilus is listed on the TSX:NUS stock exchange and is
also a member of the Nasdaq International Designation program. Its
corporate office is in Brisbane, Australia. Its major shareholders
include MB Holding Company LLC, an Oman based group with interests
in mining, oil & gas, which holds a 29.3% interest and
Metalloinvest, the largest iron ore producer in Europe and the CIS,
which has a 18.5% holding (each on a non-diluted basis, excluding
loan shares outstanding under the Company’s share loan plan).