Nautilus Minerals negotiates $60 million private placement of units

By Sheri Kasprzak

New York, Dec. 22 - Nautilus Minerals Inc. plans to price a $60 million private placement of units.

The offering includes units of one share and one half-share warrant with each whole warrant exercisable at a price equal to 130% of the unit price for two years.

The expiry of the warrants may be accelerated to 30 days if the company's stock exceeds 1.5 times the offering price for 20 consecutive trading days.

The pricing terms will be set within the context of the market, according to a statement released Friday by Nautilus.

A syndicate of agents led by Salman Partners Inc. and including TD Securities Inc., BMO Capital Markets, GMP Securities LP, Blackmont Capital Inc. and Westwind Partners Inc. has a greenshoe for up to $15 million.

The placement is set to close in the second half of February.

Proceeds will be used for exploration and development at the company's Solwara projects in Papua New Guinea. The rest will be used for working capital.

Vancouver, B.C.-based Nautilus explores the ocean floor for gold-copper-zinc-silver seafloor massive sulphide deposits.

On Friday, the stock gained 25 cents to end at C$5.90 (TSX Venture: NUS).

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