Nautilus receives additional loan

Nautilus Mineral has announced that it has received a loan from Deep Sea Mining Finance Limited in the principal amount of US$650,000, or approximately K2 million.

The loan is facilitated under the previously announced loan agreement between Deep Sea Mining Finance Limited, two of its subsidiaries, and Nautilus, which provides for a secured structured credit facility of up to US$34 million or K106 million.

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

Nautilus continues to seek the remaining project financing of up to approximately US$350 million or K1.1 billion required to complete the development of the Solwara 1 Project.

Under the financing arrangement, Nautilus has so far received loans totaling US$13,200,000 or K41 million.

Author: 
Cedric Patjole