Nautilus Secures Further Bridge Loans

Nautilus Minerals continues to arrange bridge loans from Deep Sea Mining Finance, which are expected to form part of a larger secured structured credit facility of up to $34 million to be provided by the lender to the company.

To date the company has received bridge loans from the Deep Sea Mining Finance totaling $6,650,000.

In conjunction with the most recent advance of $1,900,000, the Nautilus has issued to the lender an additional 8,161,512 warrants of the company, for a total of 28,565,291 share purchase warrants issued to the lender to date. Each warrant entitles the lender to purchase one common share of the company at a price of C$0.17 for a period of five years from the date of issuance of the warrant.

The bridge loans will assist Nautilus’ immediate working capital requirements and facilitate payments required to continue the development of its seafloor production system to be first utilized at the Solwara 1 project. The loans bear interest at 8% per annum, payable bi-annually in arrears with a one year maturity date.

As previously disclosed, the lender is a private company owned 50% by USM Finance and Mawarid Offshore Mining.

Share this article

Follow Subsea World News

Events>

<< Sep 2018 >>
MTWTFSS
27 28 29 30 31 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

1ST NORWAY PUMPS & PIPES CONFERENCE

The primary goal is to bring together professionals from Energy and Medicine to transfer knowledge and share challenges…

read more >

RIO OIL & GAS 2018

The leading oil and gas event in Latin America is organized every two years by the Brazilian Petroleum, Gas and Biofuels Institute (IBP)…

read more >

Submarine Networks World 2018

In 2018, expect over 600 industry leaders from more than 300 organisations worldwide to gather once again in Singapore…

read more >

RPG 2018

Attending RPG 2018 will benefit international academics, researchers, engineers and consultants working in renewable energy…

read more >