Nautilus Minerals Inc. (TSX:NUS, OTC:NUSMF Nasdaq Intl
Designation) (the "
Company" or
"
Nautilus") is pleased to announce that the
Company has recently made progress on several fronts.
Nautilus Has Engaged Two Financial Advisors
Nautilus has entered into a financial advisory
services agreement with Metals Logistics Investments Limited
(“MLI”). MLI is a Dubai registered advisory firm focusing on
companies in the resource sector with professionals in the UK,
Switzerland and the US. MLI is advising Nautilus on
alternative funding solutions.
Nautilus has also engaged Eight Capital as
financial advisor to assist in a comprehensive review and analysis
of strategic alternatives aimed at enhancing shareholder
value. Eight Capital is a Canadian principal-owned,
full-service investment dealer and is well-known globally as a
leading investment banking firm in the mining sector.
John McCoach, CEO, Nautilus Minerals, said, “We
are thrilled to be working with two world class advisors like MLI
and Eight Capital.”
The Company does not intend to provide further
updates on its strategic review until such time as management and
the Board of Directors determines is appropriate. There can be no
guarantee that this review will result in a transaction, or if a
transaction is undertaken, as to its terms or timing.
Update on Production Support Vessel
As previously disclosed, Nautilus has been
notified by Fujian Mawei Shipbuilding Ltd (the “Shipyard”), the
owner of the shipyard where Nautilus’ Production Support Vessel
(the “PSV”) is being built, that the Shipyard has rescinded the
shipbuilding contract between the Shipyard and MAC Goliath Pte Ltd
(“MAC”), the contractor engaged by Nautilus to procure the
construction of the PSV on behalf of Nautilus. The Company is
currently in discussions with other parties about the ownership of
the PSV and terms of a charter of the PSV to Nautilus. 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 |
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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 ownership and charter of the PSV and the continued 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; that the Company will be
unable to satisfy the conditions to receiving additional loans
under the loan agreement with Deep Sea Mining Finance Ltd.; that
the Company will be unable to rectify or arrange for the
rectification of the previously disclosed default and rescission
under the shipbuilding contract for the construction of the PSV;
that the Company will be unable to arrange for the charter of the
PSV from the owner of the PSV; and that agreements with third party
contractors for building slots within certain timeframes are not
secured as required. As the Company has
not completed a prefeasibility study or feasibility
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 30.4% interest and
Metalloinvest, the largest iron ore producer in Europe and the CIS,
which has a 19.2% holding (each on a non-diluted basis, excluding
loan shares outstanding under the Company’s share loan plan).