Deal funds development of company's first project in Papua New Guinea
By Devika Patel
Knoxville, Tenn., Oct. 6 - Nautilus Minerals Inc. said it raised C$27.57 million in the second and final tranche of a C$98.1 million non-brokered private placement of stock. The deal priced for C$98.28 million on Aug. 31, and Nautilus raised C$70.53 million in the initial tranche on Sept. 8.
The company sold 38,927,857 common shares at C$2.52 per share. It sold 27,987,853 shares in the first tranche and 10,940,004 shares in the second. The price per share is a 10.32% discount to the Aug. 30 closing share price of C$2.81.
Investors included Mawarid Mining LLC, Metalloinvest and Anglo American.
Proceeds will fund development of the company's first project, Solwara 1, in the Bismarck Sea of Papua New Guinea. Nautilus president and chief executive officer Steve Rogers said that the private placement would provide funds for the construction of the seafloor resource production system, which initially will be deployed at Solwara 1 - the company's first deepwater copper and gold project.
Vancouver, B.C.-based Nautilus explores the ocean floor for gold-copper-zinc-silver seafloor massive sulphide deposits.
| Issuer: | Nautilus Minerals Inc.
|
| Issue: | Common shares
|
| Amount: | C$98,098,200
|
| Shares: | 38,927,857
|
| Price: | C$2.52
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investor: | Mawarid Mining LLC, Metalloinvest and Anglo American
|
| Pricing date: | Aug. 31
|
| Settlement date: | Sept. 8 (for C$70,529,390), Oct. 6 (for C$27,568,810)
|
| Stock symbol: | Toronto: NUS
|
| Stock price: | C$2.81 at close Aug. 30
|
| Market capitalization: | C$366.36 million
|
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