Nautilus Minerals has entered into a Funding Mandate Agreement with Deep Sea Mining Finance (DSMF).
DSMF will seek to leverage the international expertise and financial relationships of Nautilus’ two major shareholders to assist in advancing the development of the company’s Solwara 1 Project.
As previously disclosed, Mark P. M. Horn will lead DSMF, which is a newly incorporated private company in the British Virgin Islands and intended to be 50% owned by each of: USM Finance, a wholly owned subsidiary of USM Holdings, an affiliate of Metalloinvest; and Mawarid Offshore Mining a wholly-owned subsidiary of MB Holding Company.
DSMF has been appointed as the company’s exclusive financial advisor in respect of the remaining project financing of up to US$350 million to complete the development of the Solwara 1 Project.
Nautilus may terminate DSMF’s exclusivity rights under the Agreement if DSMF fails to arrange binding commitments in respect of financing of at least US$50 million by December 4, 2017.