Nautilus delivers financing notice to two investors

NAUTILUS has delivered a financing notice to two of its investors in respect of a private placement of an aggregate of 11,761,682 common shares proceeds to the company of US$2 million (K6.2 million).
Nautilus said on Tuesday that the notice was pursuant to its subscription agreement with Mawarid Offshore Mining Ltd and Metalloinvest Holding (Cyprus) Limited dated August 21 last year.
Nautilus delivered the notice on Friday to the investors at an issue price of C$0.214 per (K0.529) share.
According to the company, the private placement will be allocated equally between the two investors.
In accordance with the subscription agreement, the issue price equals the five-day volume weighted average trading price of the company’s shares on the Toronto Stock Exchange immediately prior to the date of the financing notice.
Closing of the private placement under the financing notice is required to occur during August this year and within 10 business days following payment of the subscription proceeds by the investors to the company, pursuant to the subscription agreement.
The private placement forms part of up to US$20 million (K62 million) financing approved by the company’s shareholders at the extraordinary general meeting of the company held on October 26 last year.
Meanwhile, a spokesperson from Nautilus told The National on Tuesday: “Nautilus still needs to raise additional funding to bring the project to fruition. The company will update the market and its stakeholders as and when the time warrants.”