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Nautilus makes private placement of 16m shares

Staff Reporter | 2:59 PM |
NAUTILUS Minerals has made a private placement of more than 16million common shares of the company at an issue price of C$0.161 (K0. 37) per share for total proceeds to the company of US$2,000,000.
The total shares were16,221,118.
Nautilus is the first company to commercially explore the seafloor for massive sulphide systems, a potential source of high grade copper, gold, zinc and silver.
It is the operator of the Solwara 1 project off the coast of New Ireland.
Nautilus in a statement said pursuant to its subscription agreement with Mawarid Offshore Mining Limited and Metalloinvest Holding (Cyprus) Limited on Aug 21 last year as amended, the company delivered a financing notice last Friday to the investors in respect of that.
The private placement will be allocated equally between the two investors.
In accordance with the subscription agreement, the issue price equals the five day volume weighted average trading price of the company’s shares on the Toronto Stock Exchange immediately prior to the date of the Financing Notice.
The number of shares to be issued under the Financing Notice was calculated based on the US/CAD exchange rate of 1.3058 posted by the Bank of Canada on the last business day prior to the date of the Financing Notice.
Closing of the private placement under the Financing Notice is required to occur in March this year.