Nautilus Minerals Director Resigns
Nautilus Minerals informed that Mark P. M. Horn has resigned as a director of the company.
Mark P. M. Horn has advised the company that he will lead Deep Sea Mining Finance (DSMF), a recently formed joint-venture between the two major shareholders of Nautilus, Metalloinvest Holding (Cyprus) and MB Holding Company.
DSMF and Nautilus are in discussions concerning the potential engagement of DSMF as Nautilus’ financial advisor to implement a financing strategy for Nautilus, by leveraging the international
expertise and financial relationships of Nautilus’ two major shareholders.
Nautilus needs to raise approximately USD 41 million before the end of 2017, and an additional approximately USD 270 million is required in order to complete the build and deployment of the seafloor production system to be utilized at the Solwara 1 Project by the company and its joint venture partner (as to 15%), the Independent State of Papua New Guinea’s nominee, in early 2019.
Mark P. M. Horn,on behalf of DSMF, said: “Nautilus is a world leader in seafloor mining technology. This is a very exciting time in the mining industry, as deep-sea mining is on the verge of becoming a reality. Nautilus’ two largest shareholders are very pleased to be playing an important part in the development of this new industry.”
Nautilus is currently seeking the appointment of a new independent director and is in active discussions with various candidates.