Nautilus Minerals Announces Financial Results for Q2 2016
TORONTO, ONTARIO--(Marketwired - Aug 15, 2016) - Nautilus Minerals Inc. (TSX:NUS)(OTCQX:NUSMF)(OTC:NUSMF Nasdaq Intl Designation) (the "Company" or "Nautilus") announces the release of its unaudited consolidated Financial Statements for the second quarter ended June 30, 2016, together with Management's Discussion and Analysis.
2016 Significant Events
- Advanced the Solwara 1 Project
- Advanced the construction of the Production Support Vessel (PSV)
- Completed rights offering
- Upgraded and increased CCZ Mineral Resource and released a NI 43-101 Technical Report on Polymetallic Nodules
- Announced a change to the Board of Directors with the appointment of a new Chairman
- US$51.3 million in cash and cash equivalents as at June 30, 2016
As previously disclosed, the Company requires significant additional funding in order to complete the build and deployment of the seafloor production system to be utilized at the Solwara 1 Project by the Company and its joint venture partner (as to 15%), the Independent State of Papua New Guinea's nominee.
In view of the Company's funding requirements, the Company and its operating subsidiaries continue to explore alternatives for securing immediate bridge financing to facilitate the time required to secure the significant additional project funding that is needed and/or to explore alternative transactions aimed at maximizing shareholder value. However, there can be no assurances that the Company will be able to obtain the necessary bridge financing or project financing on acceptable terms or at all.
The Company has reviewed all aspects of its business during this process and as result, has implemented certain measures aimed at preserving the Company's capital position. These measures include reducing the Company's workforce, terminating contracts for the construction of any seafloor production equipment that was in the early stages of development and not entering into any new construction contracts until the additional funding required is secured.
The Company will provide further updates as circumstances warrant.
The Financial Statements and Management's Discussion and Analysis will be filed on www.sedar.com and will be available on the Company's website http://www.nautilusminerals.com/IRM/ShowCategory.aspx?CategoryId=305&FilterStyle=B&archive=true&masterpage=311&year=2016&RID=400
Neither the TSX nor the OTCQX accepts responsibility for the adequacy or accuracy of this press release.
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 trades on the OTCQX:NUSMF, 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 27% interest and Metalloinvest, the largest iron ore producer in Europe and the CIS, which has a 15% holding (each on a non-diluted basis, excluding loan shares outstanding under the Company's share loan plan).
Contact
Nautilus Minerals Inc. (Toronto)
Investor Relations
+1 (416) 551 1100
investor@nautilusminerals.com
www.nautilusminerals.com
Principal American Liaison - Euro Pacific Capital, Inc.
88 Post Road West, 2nd Floor
Westport, CT 06880
1-203-662-9700
Attn: Thomas Tan
ttan@europac.net
