Nautilus Minerals Inc.
(TSX:NUS) (OTC:NUSMF) (the "
Company" or
"
Nautilus") is providing an update to its funding
requirements set forth in the Company's September 26, 2017 press
release (see links section below).
The Company continues to be in discussions with
various parties involved in the manufacture of the Seafloor
Production System, and the Company is making progress with respect
to deferring some of its immediate cash flow requirements. As a
result, the Company is updating its previous reference to a funding
requirement of US$15 million by October 31, 2017 to a funding
requirement of US$10 million by November 30, 2017.
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.
Links
http://www.nautilusminerals.com/irm/PDF/1924_0/Nautilusprovidescorporateupdate
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 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 assumptions
relating to project funding requirements and commitments and the
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 Company's 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 continue operations and fund the completion of the build,
testing and deployment of the Company's seafloor production system.
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).