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Toronto Ontario, September 26, 2017 – Nautilus Minerals Inc. (TSX:NUS, OTC:NUSMF Nasdaq Intl Designation) (the “Company” or “Nautilus“) provides the following update on its operations.
The Company continues to explore financing opportunities in order to maintain the development of the Solwara 1 Project and the Company’s operations.
As previously disclosed, the Company requires significant additional funding in order to complete the build and deployment of the seafloor production system to be utilized at the Solwara 1 Project by the Company and its joint venture partner (as to 15%), the Independent State of Papua New Guinea’s nominee.
Based on the Company’s current cash position and budget, in order to maintain the Company’s operations and the development of the Solwara 1 Project, the Company needs to obtain new funding of approximately US$41 million prior to the end of 2017 and, in particular, at least approximately US$15 million is required before October 31, 2017 in order to meet the Company’s contractual commitments in relation to certain of the equipment forming part of the seafloor production system.
The Company is in active discussions with various parties, including existing shareholders, regarding potential financing transactions and alternatives. 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.
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