By Sheri Kasprzak
New York, Oct. 30 - Nautilus Minerals Inc. priced a non-brokered private placement for $68.5 million.
The company intends to sell 22,833,334 shares at $3.00 apiece. So far, Anglo American plc has agreed to invest $25 million in the offering.
Connected to the offering, Nautilus signed an agreement with Anglo American to develop Solwara and other projects at Anglo's cost. The agreement is for a five-year term and would allow Anglo American to enter into a joint venture on any areas Nautilus holds exploration rights to on Oct. 20.
Also related to the private placement, Nautilus granted antidilution protection to Anglo American so that it may maintain its percentage ownership in the company. Anglo American will also receive additional stock if Nautilus's stock trades at less than $3.00 per share after Nov. 1.
Proceeds will be used for development of Nautilus' business.
Vancouver, B.C.-based Nautilus is a gold and copper exploration and development company focused on underwater mineral exploration.
| Issuer: | Nautilus Minerals Inc.
|
| Issue: | Stock
|
| Amount: | $68.5 million
|
| Shares: | 22,833,334
|
| Price: | $3.00
|
| Warrants: | No
|
| Investors: | Anglo American plc (lead for $25 million)
|
| Placement agent: | Non-brokered
|
| Pricing date: | Oct. 30
|
| Stock symbol: | TSX Venture: NUS
|
| Stock price: | C$1.92 at close Oct. 27
|
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