Nautilus Looks for $41 Million Injection Before Year’s End

Toronto-based underwater mineral exploration company Nautilus Minerals has said it needs to obtain new funding of approximately $41 million prior to the end of 2017 in order to maintain the development of the Solwara 1 project and the company’s operations.

As previously disclosed, the Nautilus requires significant additional funding in order to complete the build and deployment of the seafloor production system to be utilized at the Solwara 1 project offshore Papua New Guinea.

In particular, at least about $15 million is required before October 31, 2017 in order to meet the company’s contractual commitments in relation to certain of the equipment forming part of the seafloor production system.

The company is said to be in active discussions with various parties, including existing shareholders, regarding potential financing transactions and alternatives.

Nautilus added that there can be no assurances that the company will be successful in securing the necessary additional financing transactions within the required time or at all.

Share this article

Follow Subsea World News

Events>

<< Oct 2017 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Deepwater Operations Conference & Exhibition

The Deepwater Operations Conference and Exhibition provides a unique experience for attendees and exhibitors to share…

read more >

24th Annual Africa Oil Week 2017

The Conference portraying five days of senior-level executive insights, with rich-content on corporate strategies and portfolio, exposure…

read more >

OTC Brasil 2017

OTC Brasil is organized by the Offshore Technology Conference (OTC) and Brazilian Petroleum, Gas and Biofuels Institute (IBP)…

read more >

Rio Pipeline 2017

Rio Pipeline Conference & Exhibition has changed its branding design, to unify the whole pipeline community, in an even more complete event…

read more >