Nautilus seeks new Director

Nautilus Minerals is currently seeking to appoint a new Independent Director following the resignation of Russel Debney as Chairman and Director.

The company announced on December 28th 2017 the resignation of Debney which came into effect the on December 27th 2017.

The announcement comes days after Nautilus Minerals announced that it is still seeking additional finance to fun the Sowara One Project located outside New Ireland Province.

The Company still requires significant additional funding in order to complete the build and deployment of the seafloor production system.

In September of 2017 the company announced that an additional funding of US$41 million (K125 million)  was needed before the years end to complete the build and deployment of the seafloor production system.

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

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

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.

The company added that failure to do so may result in them engaging specialist advisors and taking various steps aimed at maximizing shareholder value such as undertaking various transactions including, without limitation, asset sales, joint ventures and capital restructurings.

Cedric Patjole