VANCOUVER, British Columbia, Jan. 15, 2019 (GLOBE NEWSWIRE) -- Nautilus Minerals Inc. (TSX:NUS,
OTC:NUSMF Nasdaq Intl Designation) (the "Company" or "Nautilus") provides the following
corporate update.
Further to the Company’s news release dated January 8, 2019, Nautilus has not yet received the US$5 million
loan. Nautilus is however pleased to announce that Deep Sea Mining Finance has agreed to loan the Company US$500,000 to meet our
short term funding obligations. This funding will also allow Nautilus to assess its options, including various restructuring
options.
A further press release will be made once these funds have been received later this week and further updates
will be provided as circumstances warrant.
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 |
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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 Loan, the proposed Vessel JV and related financial
transactions. 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 or other transactions necessary to fund completion of the build, testing and
deployment of the Company's seafloor production system; that the Company will be unable to complete the Loan transaction in the
time required; that the Company will be unable to arrange for the charter of the production support vessel from the owner of the
vessel; and that the Company will be unable to conclude definitive agreements for the Vessel JV and then complete such
transactions. As the Company has not completed a prefeasibility study or feasibility 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.
About Nautilus Minerals Inc.
Nautilus is the first company to explore the ocean floor for polymetallic seafloor massive sulphide deposits.
Nautilus was granted the first mining lease for such deposits at the prospect known as Solwara 1, in the territorial waters of
Papua New Guinea, where it is aiming to produce copper, gold and silver. The Company has also been granted its environmental permit
for this site.
Nautilus also holds prospective exploration acreage in the western Pacific (granted and under application), as well as in
international waters in the Central Pacific.
A Canadian registered company, Nautilus is listed on the TSX:NUS stock exchange and is also a member of the Nasdaq International
Designation program. Its corporate office is in Brisbane, Australia. Its major shareholders include MB Holding Company LLC, an Oman
based group with interests in mining, oil & gas, which holds a 30.4% interest and Metalloinvest, the largest iron ore producer in
Europe and the CIS, which has a 19.2% holding (each on a non-diluted basis, excluding loan shares outstanding under the Company’s
share loan plan).