Nautilus chief executive officer Mike Johnston said the gross proceeds available under the Subscription Agreement will provide the bridge financing necessary to enable the Company to operate and to carry on the Solwara 1 Project, while it continues to explore additional financing, joint ventures or other transactions that provide the funding required in order to complete this project. “The Company appreciates the ongoing support of its two major shareholders through this bridge financing arrangement, especially given current market conditions. “We are also heartened by the continued support of all of our key stakeholders, in particular, our joint venture partner in the Solwara 1 Project, the Independent State of Papua New Guinea’s nominee and our vessel contractors, Marine Assets Corporation and Fujian Mawei shipyard.
“The global interest in seafloor mining continues to grow, and Nautilus remains the industry leader in this expanding field, Mr Johnston said. As previously disclosed, the company requires significant additional funding in order to complete the build and deployment of the seafloor production system to be utilised at the Solwara 1 Project by the Company and its joint venture partner (as to 15 per cent), the Independent State of Papua New Guinea’s nominee. “Pursuant to the Subscription Agreement, the shares will be purchased on a private placement basis and will close in tranches, on a monthly basis, during the period from December 1, 2016 through to November 30, 2017, at the election of the Company,” the firm reported.