Project needs more funding

The National, Wednesday July 6th, 2016

NAUTILUS Minerals is continuing to seek alternative sources of financing to maintain the development of the Solwara 1 project and its operations.
The company said in a statement it required significant additional funding to complete the building and deployment of the seafloor production system to be used at the Solwara 1 project.
There is no assurance that Nautilus will be able to obtain necessary bridge financing or project financing on acceptable terms or at all.
Failure to secure bridge financing and/or project financing may result in the company taking steps to maximise shareholder value.
It includes suspending or terminating the development of the seafloor production system and Solwara 1 project, and engaging in various transactions including, without limitation, asset sales, joint ventures and capital restructurings.
The company’s independent directors will be looking to engage a financial advisor to assist them in this process.
The company said there could be no assurances that any transaction would result from these matters. Nautilus will provide updates as circumstances warrant.
Any transaction(s) will be subject to all necessary stock exchange and, if applicable, shareholder approvals as well as compliance with all other regulatory requirements.
Nautilus previously said the construction and development of entire seafloor production system for initial deployment and testing operations at Solwara 1 project, was to occur in the first quarter of 2018 based on the company’s project timetable and subject to additional funding.
Nautilus said it would provide updates as circumstances warranted.