Nautilus Minerals Inc. (TSX:NUS)(OTC:NUSMF Nasdaq
Intl Designation) (the "
Company" or
"
Nautilus") announces that Mark P. M. Horn has
resigned as a director of Nautilus.
Mark P. M. Horn has advised the Company that he
will lead Deep Sea Mining Finance Ltd. ("DSMF"), a
recently formed joint-venture between the two major shareholders of
Nautilus, Metalloinvest Holding (Cyprus) Limited
("Metalloinvest") and MB Holding Company LLC
("MB Holding").
DSMF and Nautilus are in discussions concerning
the potential engagement of DSMF as Nautilus' financial advisor to
implement a financing strategy for Nautilus, by leveraging the
international expertise and financial relationships of Nautilus'
two major shareholders. Russell Debney, a director of Nautilus who
is independent of each of DSMF, Metalloinvest and MB Holding, is
negotiating or directing the negotiation of any such transaction on
behalf of Nautilus.
Nautilus needs to raise approximately US$41
million before the end of 2017, and an additional approximately
US$270 million is required 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, in
early 2019.
Mark P. M. Horn stated on behalf of DSMF:
"Nautilus is a world leader in seafloor mining technology. This is
a very exciting time in the mining industry, as deep-sea mining is
on the verge of becoming a reality. Nautilus' two largest
shareholders are very pleased to be playing an important part in
the development of this new industry."
The Company is currently seeking the appointment
of a new independent director and is in active discussions with
various candidates.
About Mark Horn, MB Holding and
Metalloinvest
Mark P. M. Horn has represented
Metalloinvest on the Board of Nautilus since September 2013. Since
1987, he has worked as an international Fund Manager, Financial
Analyst and Corporate Financier. Mark started his career at the
Co-operative Insurance Society, then moved to Globe Investment
Trust, before joining Rockefeller and Co. He subsequently worked
for Kleinwort Benson Investment Management, before becoming Head of
Research at Canaccord Capital (Europe). He holds an ALM, (Harvard
University, USA); BA, BA (Hons) (First Class), MA, (Rhodes
University, South Africa); BSc, BSc (Hons) (Geosciences), B.Eng
(Hons), (Open University, UK); LLB (Hons), LLM, MBA (Banking)
(London University, UK); Dip.B.Admin (Manchester Business School,
UK). He has been called to the Bar of England and Wales as a
Barrister of the Honourable Society of Lincoln’s Inn.
Mawarid Mining LLC of Oman
("MML") holds 29.3% of the current outstanding
shares of Nautilus through MML's wholly owned subsidiary Mawarid
Offshore Mining Limited ("MOML"). MML is a wholly
owned mining and mineral business vertical of MB Holding and is
actively engaged in exploration and development of concessions in
the Sultanate of Oman, Saudi Arabia, Namibia, Tanzania and Rwanda.
MB Holding is a multinational corporation with operations spread
across the globe in the Middle East, Europe, Africa, Asia,
Asia-Pacific. The dynamic group which started operations in 1982
has diversified businesses including integrated drilling &
oilfield services, exploration & production of oil & gas,
marine, manufacturing & engineering services, mineral &
mining and investments. MB Holding employs more than 4,000
employees from over 54 nationalities who are committed to achieving
its vision and mission.
Metalloinvest currently has a
18.5% interest in Nautilus. Metalloinvest is wholly owned by USM
Holdings ("USM"), a diversified international
holding company with significant interests across the metals and
mining, telecoms and internet sectors. The main shareholders of USM
are Alisher Usmanov, Vladimir Skoch and Farhad Moshiri. USM’s
assets include Metalloinvest, the largest mining company in Russia
and the CIS and the leading global manufacturer of hot briquetted
iron, Baikal Mining Company, which owns the largest copper reserves
in Russia, MegaFon, a major telecommunications operator in Russia,
and Mail.Ru Group, the Russian internet leader and owner of the
country’s most popular social networks VKontakte and Odnoklassniki.
The group is also a prominent global investor in the digital space
and is a major investor in one of the key players in the global
esports market. Furthermore, it manages a number of other
industry-leading businesses including UTH Russia, one of the
country’s largest media and entertainment groups with a unique
portfolio of popular national TV channels in Russia and Kazakhstan
and one of the leading Russian property development company.
All information in this news release concerning
Mark P. M. Horn, MB Holding and Metalloinvest has been provided by
each of those respective parties.
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
Links:
http://www.nautilusminerals.com/irm/PDF/1924_0/Nautilusprovidescorporateupdate
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 financing requirements, a potential transaction with
DSMF and 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.