Nautilus Minerals Inc. revealed this when announcing the appointment of its exclusive financial advisor – Deep Sea Mining Finance Ltd (DSMF).
In a statement, the Canadian company indicated that a remaining project financing of US$350 million was needed, which DSMF will be leveraging, to complete the build and deployment of the seafloor production system to be utilised at the Solwara 1 Project.
Nautilus said DSMF will seek to leverage the international expertise and financial relationships of Nautilus' two major shareholders to assist in advancing the development of the project.
Nautilus has stated that there are no assurances that it will secure the necessary additional funding and a failure to do so may result in it undergoing various transactions, which include asset sales, joint ventures and capital restructurings.
DSMF is a newly-incorporated private company in the British Virgin Islands.
Nautilus has also announced that it has terminated a ‘Bridge Financing Agreement’ signed in 2016 with Metalloinvest Holding (Cyprus) Limited and Mawarid Offshore Mining Ltd.