Toronto, Oct. 05, 2017 (GLOBE NEWSWIRE) -- Nautilus Minerals Inc. (TSX:NUS)(OTC:NUSMF Nasdaq Intl Designation)
(the "Company" or "Nautilus") announces that Mark P. M. Horn has resigned as a director of
Nautilus.
Mark P. M. Horn has advised the Company that he will lead Deep Sea Mining Finance Ltd.
("DSMF"), a recently formed joint-venture between the two major shareholders of Nautilus, Metalloinvest Holding
(Cyprus) Limited ("Metalloinvest") and MB Holding Company LLC ("MB Holding").
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. Russell Debney, a director of Nautilus who is independent of each of DSMF, Metalloinvest and MB Holding, is
negotiating or directing the negotiation of any such transaction on behalf of Nautilus.
Nautilus needs to raise approximately US$41 million before the end of 2017, and an additional approximately
US$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 stated on behalf of DSMF: "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."
The Company is currently seeking the appointment of a new independent director and is in active discussions with
various candidates.
About Mark Horn, MB Holding and Metalloinvest
Mark P. M. Horn has represented Metalloinvest on the Board of Nautilus since September 2013.
Since 1987, he has worked as an international Fund Manager, Financial Analyst and Corporate Financier. Mark started his career at
the Co-operative Insurance Society, then moved to Globe Investment Trust, before joining Rockefeller and Co. He subsequently worked
for Kleinwort Benson Investment Management, before becoming Head of Research at Canaccord Capital (Europe). He holds an ALM,
(Harvard University, USA); BA, BA (Hons) (First Class), MA, (Rhodes University, South Africa); BSc, BSc (Hons) (Geosciences), B.Eng
(Hons), (Open University, UK); LLB (Hons), LLM, MBA (Banking) (London University, UK); Dip.B.Admin (Manchester Business School,
UK). He has been called to the Bar of England and Wales as a Barrister of the Honourable Society of Lincoln’s Inn.
Mawarid Mining LLC of Oman ("MML") holds 29.3% of the current outstanding
shares of Nautilus through MML's wholly owned subsidiary Mawarid Offshore Mining Limited ("MOML"). MML is a wholly
owned mining and mineral business vertical of MB Holding and is actively engaged in exploration and development of concessions in
the Sultanate of Oman, Saudi Arabia, Namibia, Tanzania and Rwanda. MB Holding is a multinational corporation with operations spread
across the globe in the Middle East, Europe, Africa, Asia, Asia-Pacific. The dynamic group which started operations in 1982 has
diversified businesses including integrated drilling & oilfield services, exploration & production of oil & gas, marine,
manufacturing & engineering services, mineral & mining and investments. MB Holding employs more than 4,000 employees from over 54
nationalities who are committed to achieving its vision and mission.
Metalloinvest currently has a 18.5% interest in Nautilus. Metalloinvest is wholly owned by USM
Holdings ("USM"), a diversified international holding company with significant interests across the metals and
mining, telecoms and internet sectors. The main shareholders of USM are Alisher Usmanov, Vladimir Skoch and Farhad Moshiri. USM’s
assets include Metalloinvest, the largest mining company in Russia and the CIS and the leading global manufacturer of hot
briquetted iron, Baikal Mining Company, which owns the largest copper reserves in Russia, MegaFon, a major telecommunications
operator in Russia, and Mail.Ru Group, the Russian internet leader and owner of the country’s most popular social networks
VKontakte and Odnoklassniki. The group is also a prominent global investor in the digital space and is a major investor in one of
the key players in the global esports market. Furthermore, it manages a number of other industry-leading businesses including UTH
Russia, one of the country’s largest media and entertainment groups with a unique portfolio of popular national TV channels in
Russia and Kazakhstan and one of the leading Russian property development company.
All information in this news release concerning Mark P. M. Horn, MB Holding and Metalloinvest has been provided
by each of those respective parties.
For more information please refer to www.nautilusminerals.com or contact:
Investor Relations
Nautilus Minerals Inc. (Toronto)
Email: investor@nautilusminerals.com
Tel: +1 416 551 1100
Links: http://www.nautilusminerals.com/irm/PDF/1924_0/Nautilusprovidescorporateupdate
The TSX does not accept responsibility for the adequacy or accuracy of this press release.
Certain of the statements made in this news release may contain forward-looking information within the meaning
of applicable securities laws, including statements with respect to the Company's financing requirements, a potential transaction
with DSMF and the development of the Solwara 1 Project. We have made numerous assumptions about such statements, including
assumptions relating to the Company’s funding requirements, project funding, and completion and
operation of the Company's seafloor production system. Even though our
management believes the assumptions made and the expectations represented by such statements
are reasonable, there can be no assurance that they will prove to be accurate. Forward-looking information by
its nature involves known and unknown risks, uncertainties and other
factors which may cause the actual results to be materially different from any future results expressed or implied by such
forward-looking information. Please refer to our most recently filed
Annual Information Form in respect of material assumptions and risks related to the prospects
of extracting minerals from the seafloor and other risks relating to the Company's business and
plans for development of the Solwara 1 Project. Risks related to continuing the
Company's operations and advancing the development of the Solwara 1 Project include the risk that the Company will be unable
to obtain at all or on acceptable terms, and within the timeframes required, the remaining financings necessary to fund completion
of the build, testing and deployment of the Company's seafloor production system and that agreements with third party contractors
for building slots within certain timeframes are not secured as required. As the Company has not
completed an economic study in respect of the Solwara 1 Project,
there can be no assurance that the Company's production plans will, if fully funded and implemented,
successfully demonstrate that seafloor resource production is commercially viable. Except as required by law, we do not expect to
update forward-looking statements and information as conditions change and
you are referred to the full discussion of the Company's business
contained in the Company's reports filed with the securities regulatory
authorities in Canada.