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.