Nautilus

This is from Nautilus Chief Executive Officer, Mike Johnston.

The PSV is to be used by Nautilus and its PNG partner, Eda Kopa (Solwara) Limited, for its seafloor operations planned at the Solwara 1 Project site.

Johnston said “Nautilus’ objective remains to develop the world's first commercial high grade seafloor copper-gold mine and launch the seafloor resource production industry.”

The two shareholders, Mawarid Offshore Mining Ltd and Metallo­invest Holding (Cyprus) Limited have signed a subscription agree­ment with Nautilus to purchase such number of common shares of the company that will raise gross pro­ceeds of up to US$20 million.

Nautilus Chief Executive Officer Mike Johnston said “the company appreciates the ongoing support of its two major shareholders through this bridge financing arrangement, especially given current market con­ditions.”