Nautilus Minerals announces financial results for Q3 2017
TORONTO, Nov. 14, 2017 (GLOBE NEWSWIRE) -- Nautilus Minerals Inc. (TSX:NUS) (OTC:NUSMF) (the "Company" or "Nautilus") announces the release of its unaudited consolidated Financial Statements for the third quarter ended September 30, 2017, together with Management's Discussion and Analysis.
Q3 2017 Significant Events
- Received US$2 million through the US$20 million bridge financing facility provided by the Company’s two largest shareholders during Q3 2017.
- Announced the resignation of Mark Horn as Director and appointment of John McCoach as Director.
- Announced a funding mandate with Deep Sea Mining Finance Ltd (“DSMF”), a company owned by Nautilus’ two major shareholders and lead by Mark Horn, whereby DSMF has been appointed as the Company's exclusive financial advisor in respect of the remaining project financing to complete the development of the Solwara 1 Project.
- Completed the submerged trials for the Collecting Machine (CM).
- US$4.80 million in cash and cash equivalents as at September 30, 2017.
Mike Johnston, Nautilus' CEO, commented, "Q3 2017 has been a critical period for the Company. We appointed DSMF as our exclusive financial advisor to assist with the remaining project financing that is required to get the Solwara 1 Project into production. We continued to make good progress on the submerged trials in Papua New Guinea. The CM has now been completed, and the Auxiliary Cutter is currently undergoing trials. The Bulk Cutter is scheduled to commence trials towards the end of
Q4, 2017. We remain committed to developing the world's first commercial high grade seafloor copper-gold mine at the Solwara 1 project site in the first half of 2019, subject to further financing.”
The unaudited Financial Statements and Management's Discussion and Analysis will be filed on www.sedar.com and will also be available on the Company's website http://www.nautilusminerals.com/IRM/ShowCategory.aspx?CategoryId=305&FilterStyle=B&archive=true&masterpage=311&year=2015&RID=400
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 mine at the Solwara 1 project site in the first half of 2019. We have made numerous assumptions about such statements, including assumptions relating to the Company having access to adequate project funding, completion and operation of the Company's seafloor production system and securing agreements with third parties to complete the construction of the remaining seafloor production system within certain timeframes. 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 Solwara 1 Project. Risks related to advancing towards production include the risk that the Company will be unable to obtain at all or on acceptable terms the remaining financing necessary to fund completion of the build, testing and deployment of the Company's seafloor production system and that agreements with third party contractors for building slots within certain timeframes are not secured as required. 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).