Porgera Gold mine affected as earthquake hits power plant

NAUTILUS Minerals is continuing to arrange bridge loans from a lending company, which are to be part of a larger secured credit facility of up to US$34 million (K107.80 million).
The company is the Deep Sea Mining Finance Ltd.
Nautilus said in a statement that it had received bridge loans totalling US$6.65 million (K21.08 million). In conjunction with the most recent advance of US$1.9 million (K6.02 million), the company has issued to the lender an additional 8,161,512 warrants of the company for a total of 28,565,291 share purchase warrants issued to the lender to date.
Each warrant entitles the lender to purchase one common share of the company at a price of US$0.17 (K0.42) for a period of five years from the date of issuance of the warrant.
The bridge loans will assist the company’s immediate working capital requirements and facilitate payments required to continue the development of the company’s seafloor production system to be first used at the company’s Solwara 1 Project.
The loans bear interest at eight per cent per annum, payable bi-annually in arrears with a one year maturity date.
The company requires significant additional funding to complete the building and deployment of the seafloor production system to be used at the Solwara 1 Project by the company and the Government (15 per cent) as its joint venture partner. Nautilus said there could be no assurance that the firm would be successful in securing the necessary additional financing in the required time or at all.
Failure to secure the necessary financing may result in the company undergoing various transactions, including without limitation, asset sales, joint ventures and capital restructuring.

Next:

Porgera Gold mine affected as earthquake hits power plant