Russell Debney, effective December 27, 2017, resigned as Chairman and director of Nautilus. Following Mr. Debney’s resignation, Nautilus is actively seeking a new independent director.
Nautilus Arranges Bridge Loans and Signs New Funding Mandate
Nautilus Minerals Inc. has arranged to receive bridge loans in the amount of up to US$7 million, from Deep Sea Mining Finance Ltd. and has also entered into a funding mandate agreement with M. Horn & Co. Ltd. The bridge loans are expected to form part of a larger secured structured credit facility of up to US$34 million to be provided by the lender to the Nautilus.
Pursuant to the Funding Mandate, M. Horn & Co. Ltd has been appointed as the exclusive financial advisor to Nautilus, for a period of one year, in respect of the remaining project financing of up to US$350 million required to complete the development of the Solwara 1 Project. Mr. Horn is a previous director of Nautilus.
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