Deal funds development of company's first project in Papua New Guinea
By Devika Patel
Knoxville, Tenn., Aug. 31 - Nautilus Minerals Inc. said it plans a non-brokered private placement of stock for about $100 million.
The company will sell about 39 million common shares at $2.58 per share.
Investors include Mawarid Mining LLC, which will invest about $50.1 million. Metalloinvest and Anglo American are also participating.
Settlement of the final tranche is expected Oct. 6.
Proceeds will fund development of the company's first project, Solwara 1, in the Bismarck Sea of Papua New Guinea. Nautilus president and chief executive officer Steve Rogers said the private placement would provide funds for the construction of the seafloor resource production system, which initially will be deployed at Solwara 1 - the company's first deepwater copper and gold project.
Vancouver, B.C.-based Nautilus explores the ocean floor for gold-copper-zinc-silver seafloor massive sulphide deposits.
| Issuer: | Nautilus Minerals Inc.
|
| Issue: | Common shares
|
| Amount: | $100 million (approximate)
|
| Shares: | 39 million (approximate)
|
| Price: | $2.58
|
| Warrants: | No
|
| Agent: | Non-brokered
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| Investor: | Mawarid Mining LLC (for approximately $50.1 million), Metalloinvest and Anglo American
|
| Pricing date: | Aug. 31
|
| Settlement date: | Oct. 6
|
| Stock symbol: | Toronto: NUS
|
| Stock price: | C$2.81 at close Aug. 30
|
| Market capitalization: | C$452.08 million
|
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