Nautilus Chairman Steps Down

Toronto-based underwater mineral exploration company Nautilus Minerals said that Russell Debney has resigned as chairman and director of Nautilus and as director and officer, as applicable, of each of the company’s operating subsidiaries.

The resignation became effective on December 27, 2017.

Nautilus said it is actively seeking the appointment of a new independent director.

As reported earlier, the company requires additional funding in order to complete the build and deployment of the seafloor production system to be utilized at the Solwara 1 Project by the company and its joint venture partner (as to 15%), the Independent State of Papua New Guinea’s nominee.

Discussions with various parties including the major shareholders continue. These discussions have taken longer than expected but the Nautilus said it remains positive that the discussions will be concluded soon.

To remind, MAC Goliath (MAC), the buyer of the production support vessel (PSV) being built for Nautilus’ Solwara 1 subsea mining project, has failed to pay the third installment of the contract price (approximately USD 18 million + interest), earlier in December this year.

 

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