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 November 1, 2017 press release (see links section below).
Discussions with various parties involved in the
manufacture of the Seafloor Production System continue. The Company
is making progress with respect to deferring some of its immediate
cash flow requirements and as a result, the Company is updating its
previous reference to a funding requirement of US$10 million by
November 30, 2017 to a funding requirement of US$10 million by
December 20, 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/1934_0/NautilusProvidesUpdate
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).