K6m financing notice for Nautilus

NAUTILUS Minerals has delivered a US$2 million (K6 million) Financing Notice for November 2016. This was released last month in its market report announcing it was pursuant to its subscription agreement with Mawarid Offshore Mining Ltd and Metalloinvest Holding (Cyprus) Limited. The “Investors” dated August 21, 2016, as amended (the “Subscription Agreement”), the Company has delivered a financing notice dated November 21, 2016 (the “Financing Notice”) to the Investors in respect of a private placement of an aggregate of 15,539,080 common shares of the company at an issue price of C$0.174 per share for aggregate proceeds to the company of US$2,000,000. 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, and the number of shares to be issued under it was calculated based on the noon US/CAD exchange rate of 1.3519 posted by the Bank of Canada on the last business day prior to the date of the notice. Closing of the private placement under the Financing Notice is required to occur during December, 2016 and within 10 business days following payment of the subscription proceeds by the investors to the company, pursuant to the Subscription Agreement. The private placement forms part of the up to US$20 million (K65 million) financing approved by the company’s shareholders at the extraordinary general meeting of the company held on October 26, 2016.