Nautilus Announces Changes to its Board of Directors
TORONTO, Oct. 19, 2017 (GLOBE NEWSWIRE) -- Nautilus Minerals Inc. (TSX:NUS) (OTC:NUSMF) (the "Company" or "Nautilus") announces changes to its board of directors with the appointment of John McCoach following the resignation of Mark Horn.
Russell Debney, Nautilus Minerals' Chairman said, “I would like to thank Mark for his valuable contribution to the Company over the past four years and we look forward to our continued working relationship with Mark as leader of Deep Sea Mining Finance Ltd. I would also like to welcome John to the Board and look forward to his input in helping the Company achieve its objective of developing the world's first commercial seafloor copper-gold project in Papua New Guinea. John’s strong background in the capital markets and in the area of regulatory compliance will help ensure continued strong governance as well as improved board independence, especially as we seek to implement the ongoing funding and development initiatives."
Following the resignation of Mr Horn and the appointment of Mr McCoach, the members of the Company's Board of Directors are as follows:
- Russell Debney (Chairman and Non-Executive Director)
- Dr. Mohamed Al Barwani (Non-Executive Director)
- Tariq Al Barwani (Non-Executive Director)
- John McCoach (Non-Executive Director)
Mr McCoach has also been appointed Chair of the Company's Audit Committee, with the members of that Committee now being comprised as follows:
- John McCoach (Chair)
- Russell Debney
- Tariq Al Barwani
Mr John McCoach
John McCoach recently retired as president of the TSX Venture Exchange, a position he held since 2009. He is currently on the board of directors of the Capital Markets Authority Implementation Organization; the entity tasked by five participating provinces, one territory and the Government of Canada to create a pan-Canadian securities commission. John is a financial industry executive with experience in various strategic, management and operational roles. He has a track record of success in building strategies and programs to meet customer needs, maximize revenue growth, operational efficiency, and shareholder value. John is also adept at leading and coaching teams through large, complex organizational and cultural transformations and regulatory changes. He is highly effective in establishing trust and credibility, both domestically and internationally, with multiple constituents.
John McCoach has over 35 years experience in the investment industry. John has witnessed, and participated in, many changes in the Canadian capital markets. He was a senior vice president, corporate finance for an independent Canadian investment dealer prior to joining TMX Group.
Links
*Resignation of Mark Horn http://www.nautilusminerals.com/irm/PDF/1925_0/NautilusMineralsResignationofMarkPMHornasaDirector
http://www.nautilusminerals.com/irm/PDF/1929_0/Nautilussignsfundingmandatewithmajorshareholders
For more information please refer to www.nautilusminerals.com or contact:
Investor Relations
Nautilus Minerals Inc. (Toronto)
Email: investor@nautilusminerals.com
Tel: +1 416 551 1100
The TSX does not accept responsibility for the adequacy or accuracy of this press release.
Certain of the statements made in this news release may contain forward-looking information within the meaning of applicable securities laws, including statements with respect to the plans to develop the seafloor copper-gold project in Papua New Guinea. We have made numerous assumptions about such statements, including assumptions relating to project funding requirements and commitments and the operation of the Company's seafloor production system. Even though our management believes the assumptions made and the expectations represented by such statements are reasonable, there can be no assurance that they will prove to be accurate. Forward-looking information by its nature involves known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information. Please refer to our most recently filed Annual Information Form in respect of material assumptions and risks related to the prospects of extracting minerals from the seafloor and other risks relating to the Company's business and plans for development of the Company's Solwara 1 Project. Risks related to continuing the Company's operations and advancing the development of the Solwara 1 Project include the risk that the Company will be unable to obtain at all or on acceptable terms, and within the timeframes required, the remaining financings necessary to continue operations and fund the completion of the build, testing and deployment of the Company's seafloor production system. As the Company has not completed an economic study in respect of the Solwara 1 Project, there can be no assurance that the Company's production plans will, if fully funded and implemented, successfully demonstrate that seafloor resource production is commercially viable. Except as required by law, we do not expect to update forward-looking statements and information as conditions change and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada.
About Nautilus Minerals Inc.
Nautilus is the first company to explore the ocean floor for polymetallic seafloor massive sulphide deposits. Nautilus was granted the first mining lease for such deposits at the prospect known as Solwara 1, in the territorial waters of Papua New Guinea, where it is aiming to produce copper, gold and silver. The Company has also been granted its environmental permit for this site.
Nautilus also holds highly prospective exploration acreage in the western Pacific (granted and under application), as well as in international waters in the Central Pacific.
A Canadian registered company, Nautilus is listed on the TSX:NUS stock exchange and is also a member of the Nasdaq International Designation program. Its corporate office is in Brisbane, Australia. Its major shareholders include MB Holding Company LLC, an Oman based group with interests in mining, oil & gas, which holds a 29.3% interest and Metalloinvest, the largest iron ore producer in Europe and the CIS, which has a 18.5% holding (each on a non-diluted basis, excluding loan shares outstanding under the Company’s share loan plan).