Horn resigns as Nautilus director

Business

MARK Horn has resigned as the director of Nautilus.
He advised Nautilus that he would lead Deep Sea Mining Finance Limited, a recently formed joint-venture between the two major shareholders of Nautilus – Metalloinvest Holding (Cyprus) Limited and MB Holding Company.
Deep Sea Mining Finance Limited (DSMF) and Nautilus are discussing the potential engagement of DSMF as Nautilus’ financial adviser to implement a financing strategy for Nautilus by leveraging international expertise and financial relationships of Nautilus’ two major shareholders.
Russell Debney, a director of Nautilus who is independent of each of DSMF, Metalloinvest and MB Holding, is negotiating any such transaction on behalf of Nautilus.
Nautilus needs to raise about US$41 million (K127.92m) before the end of this year.
On behalf of DSMF, Horn said: “Nautilus is a world leader in seafloor mining technology. This is a very exciting time in the mining industry, as deep-sea mining is on the verge of becoming a reality.
“Nautilus’ two largest shareholders are very pleased to be playing an important part in the development of this new industry.”
The company is seeking the appointment of a new independent director.

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