Nautilus Minerals has entered into a loan agreement with Deep Sea Mining Finance formalizing the previously disclosed secured structured credit facility of up to USD 34 million.
Nautilus Minerals entered into the loan agreement with the lender to enable the continuation of the Solwara 1 project offshore Papua New Guinea.
In addition, the company will continue to seek the remaining project financing of up to USD 350 million required to complete the development of the Solwara 1 project.
To date the company has received bridge loans from the lender in the aggregate principal amount of USD 11,250,000. These existing loans have now become loans made under, and subject to the terms of, the loan agreement, leaving up to USD 22,750,000 in additional loans that may be advanced under the loan agreement.
All loans have a maturity date of January 8, 2019, the company noted.