Intl Designation) (the “Company” or “Nautilus”) announces that, pursuant to its subscription agreement with Mawarid Offshore Mining Ltd. and Metalloinvest Holding (Cyprus) Limited (together, the “Investors”) dated August 21, 2016, as amended (the “Subscription Agreement”), the Company has delivered a financing notice dated July 21, 2017 (the “Financing Notice”) to the Investors in respect of a private placement of an aggregate of 11,761,682 common shares of the Company at an issue price of C$0.214 per share for aggregate proceeds to the Company of US$2,000,000. The private placement will be allocated equally between the two Investors.
In accordance with the Subscription Agreement, the issue price equals the five day volume
weighted average trading price of the Company’s shares on the Toronto Stock Exchange
immediately prior to the date of the Financing Notice, and the number of shares to be issued under the Financing Notice was calculated based on the daily US/CAD exchange rate of 1.2585 posted by the Bank of Canada on the last business day prior to the date of the Financing Notice.
Closing of the private placement under the Financing Notice is required to occur during August, 2017 and within 10 business days following payment of the subscription proceeds by the Investors to the Company, pursuant to the Subscription Agreement.
The private placement forms part of the up to US$20 million financing approved by the Company’s shareholders at the extraordinary general meeting of the Company held on October 26, 2016.
For more information please refer to
Nautilus Minerals Inc. (Toronto)
Tel: +1 416 551 1100