Vancouver, British Columbia, January 8, 2019 – Nautilus Minerals Inc. (TSX:NUS, OTC:NUSMF Nasdaq Intl Designation) (the “Company” or “Nautilus“) provides the following corporate update.
Nautilus and Deep Sea Mining Finance Ltd. have agreed to extend the maturity date of the existing secured loan facility which is currently due on January 8, 2019, for 30 days ending on February 8, 2019.
Nautilus is currently in discussions with an arm’s length party to secure a US$5 million loan (the “Loan”). Nautilus must receive the Loan, or another source of funding, on or before January 14, 2019 in order for the Nautilus group of companies to continue operations. There can be no assurances that the Company will receive the necessary funding by that date.
In the interim, and further to the Company’s news release dated December 2, 2018, Nautilus continues to negotiate with arm’s length third parties to create a new joint venture company (the “Vessel JV”) as well as related transactions to provide a long-term funding solution. The Vessel JV would be owned by the third parties and Nautilus’ subsidiary Nautilus Minerals Niugini Limited.
There can be no assurances that the Company will be able to successfully negotiate definitive agreements in relation to, and complete, any of the transactions discussed above. Any transactions will be subject to all necessary stock exchange, third party and government approvals, as well as compliance with all other regulatory requirements.
The Company will provide further updates as circumstances warrant.
For more information please refer to www.nautilusminerals.com or contact:
Nautilus Minerals Inc. (Toronto)
Tel: +1 416 551 1100