Toronto Ontario, November 14, 2017 – Nautilus Minerals Inc. (TSX:NUS, OTC:NUSMF Nasdaq Intl Designation) (the “Company” or “Nautilus”) announces the release of its unaudited consolidated Financial Statements for the third quarter ended September 30, 2017, together with Management’s Discussion and Analysis.
Q3 2017 Significant Events
Received US$2 million through the US$20 million bridge financing facility provided by the Company’s two largest shareholders during Q3 2017.Announced the resignation of Mark Horn as Director and appointment of John McCoach as Director.Announced a funding mandate with Deep Sea Mining Finance Ltd (“DSMF”), a company owned by Nautilus’ two major shareholders and lead by Mark Horn, whereby DSMF has been appointed as the Company’s exclusive financial advisor in respect of the remaining project financing to complete the development of the Solwara 1 Project.
Completed the submerged trials for the Collecting Machine (CM).
US$4.80 million in cash and cash equivalents as at September 30, 2017.
Mike Johnston, Nautilus’ CEO, commented, “Q3 2017 has been a critical period for the Company. We appointed DSMF as our exclusive financial advisor to assist with the remaining project financing that is required to get the Solwara 1 Project into production. We continued to make good progress on the submerged trials in Papua New Guinea. The CM has now been completed, and the Auxiliary Cutter is currently undergoing trials. The Bulk Cutter is scheduled to commence trials towards the end of Q4, 2017. We remain committed to developing the world’s first commercial high grade seafloor copper-gold mine at the Solwara 1 project site in the first half of 2019, subject to further financing.”
The unaudited Financial Statements and Management’s Discussion and Analysis will be filed on www.sedar.com and will also be available on the Company’s website.