Nautilus’ future remains dim

The future of Nautilus Minerals Inc remains murky as the company is yet to secure a US$5 million (K16m) loan to continue operations.

In its January 8th corporate update, Nautilus said it must receive the loan, or another source of funding, on or before January 14, 2019, in order for the Nautilus group of companies to continue operations.

“There can be no assurances that the company will receive the necessary funding by that date,” stated Nautilus.

“Further to the Company’s news release dated January 8, 2019, Nautilus has not yet received the US$5 million loan. Nautilus is however, pleased to announce that Deep Sea Mining Finance has agreed to loan the Company US$500,000 (K1.6m) to meet our short term funding obligations.

“This funding will also allow Nautilus to assess its options, including various restructuring options.

“A further press release will be made once these funds have been received later this week and further updates will be provided as circumstances warrant.”

(Nautilus Minerals picture of its collecting machine)

Press release