Nautilus provides corporate update
TORONTO, Sept.26, 2017(GLOBE NEWSWIRE) -- Nautilus Minerals Inc. (TSX:NUS) (OTC:NUSMF) (Nasdaq Intl Designation) (the "Company" or "Nautilus") provides the following update on its operations.
The Company continues to explore financing opportunities in order to maintain the development of the Solwara 1 Project and the Company's operations.
As previously disclosed, 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.
Based on the Company's current cash position and budget, in order to maintain the Company's operations and the development of the Solwara 1 Project, the Company needs to obtain new funding of approximately US$41 million prior to the end of 2017 and, in particular, at least approximately US$15 million is required before October 31, 2017 in order to meet the Company's contractual commitments in relation to certain of the equipment forming part of the seafloor production system.
The Company is in active discussions with various parties, including existing shareholders, regarding potential financing transactions and alternatives. 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 engaging specialist advisors and taking various steps aimed at maximizing shareholder value such as undertaking 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: +1416 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 Company's funding requirements. We have made numerous assumptions about such statements, including assumptionsrelating to project funding requirements and commitments and the operation of the Company'sseafloorproductionsystem. Eventhoughourmanagementbelievestheassumptionsmade andtheexpectations represented by such statements are reasonable, there can be no assurance that they will prove to be accurate. Forward-lookinginformationbyitsnatureinvolvesknownandunknownrisks,uncertaintiesandotherfactors which may cause the actual results to be materially different from any future results expressed or implied by such forward-lookinginformation.PleaserefertoourmostrecentlyfiledAnnualInformationForminrespectofmaterial assumptions and risks related to the prospects of extracting minerals from the seafloor and other risks relatingtotheCompany'sbusinessandplansfordevelopmentoftheSolwara1Project.Risks related to continuing the Company's operations and advancing the development of the Solwara 1 Projectinclude 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 continue operations and fund the completion of the build, testing and deployment of the Company's seafloor production system. AstheCompanyhasnotcompletedaneconomicstudyinrespectoftheSolwara1Project,therecanbenoassurance 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-lookingstatementsandinformationasconditionschangeandyouarereferredtothefulldiscussionoftheCompany'sbusinesscontainedintheCompany'sreportsfiledwiththesecuritiesregulatoryauthoritiesinCanada.
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).