Offshore Industry News

Nautilus Minerals Borrows Money, Seeks Independent Director

Nautilus Chairman Resigns

Russell Debney, effective December 27, 2017, resigned as Chairman and director of Nautilus. Following Mr. Debney's resignation, Nautilus is actively seeking a new independent director.

Nautilus Arranges Bridge Loans and Signs New Funding Mandate

Nautilus Minerals Inc. has arranged to receive bridge loans in the amount of up to US$7 million, from Deep Sea Mining Finance Ltd. and has also entered into a funding mandate agreement with M. Horn & Co. Ltd. The bridge loans are expected to form part of a larger secured structured credit facility of up to US$34 million to be provided by the lender to the Nautilus.

Pursuant to the Funding Mandate, M. Horn & Co. Ltd has been appointed as the exclusive financial advisor to Nautilus, for a period of one year, in respect of the remaining project financing of up to US$350 million required to complete the development of the Solwara 1 Project. Mr. Horn is a previous director of Nautilus.

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