Nautilus continues to seek finance

Nautilus Minerals continues to seek finance to fund the Solwara 1 Project located outside New Ireland Province.

In its latest statement on December 20th, the company says discussions with various parties and major stakeholders have taken longer than expected but the Company remains positive that the discussions will be concluded soon.

This follows on from its similar announcement on December 4th where they also extended a funding deadline.

In September the company announced that an additional funding of US$41 million (K125 million) was needed before the year’s end to complete the build and deployment of the seafloor production system.

Nautilus said it needed at least US$15 million before October 31 in order to meet its contractual commitments.

The company then pushed back the deadline to November 30th, reducing the funding to US$10 million (K30 million). 

In a November 1 update, this deadline was pushed back to November 30 with funding yet to be secured.

Nautilus says there can be no assurances that the company will be successful in securing the necessary additional financing transactions within the required time or at all.

“Failure to secure the necessary financing may result in the Company engaging specialist advisors and taking various steps aimed at maximising shareholder value such as undertaking various transactions including, without limitation, asset sales, joint ventures and capital restructurings,” the firm says.

Cedric Patjole