Toronto Ontario, December 27, 2017 – Nautilus Minerals Inc. (TSX:NUS, OTC:NUSMF Nasdaq Intl Designation) (the “Company” or “Nautilus”) announces that Russell Debney has, effective December 27, 2017, resigned as Chairman and director of Nautilus and as director and officer, as applicable, of each of the Company’s operating subsidiaries.
The Company wishes to thank Mr. Debney for his many years of service to the Company.
Following Mr. Debney’s resignation, the Company is actively seeking the appointment of a new independent director.
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. Discussions with various parties including the major shareholders continue. These discussions have taken longer than expected but the Company remains positive that the discussions will be concluded soon.
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 undergoing various transactions including, without limitation, asset sales, joint ventures and capital restructurings.
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