Nautilus gets K1.6m loan

Nautilus Minerals has announced it has received a loan from Deep Sea Mining Finance in the principal amount of US$500,000 or K1.6 million.

The funding falls under the previously announced loan agreement between Nautilus, two of its subsidiaries and Deep Sea Mining Finance, which provides for a secured structured credit facility of up to US$34 million.

The loans are being provided to fund the Company's working capital requirements and enable it to continue the advancement of the Solwara 1 Project.

With the assistance of its financial advisors, Nautilus is seeking the remaining project financing of up to approximately US$350 million required to complete the development of the Solwara 1 Project.

Cedric Patjole