A larger secured structured credit facility was expected to be available to Nautilus Minerals Inc (TSX: NUS, OTC: NUSMF) from Deep Sea Mining Finance Ltd, a company associated with key investors in the company.
Nautilus said Deep Sea was expected to support a facility for up to $US34 million to help complete development of the Solwara-1 seafloor massive sulphides project in the Bismarck Sea of Papua New Guinea.
A PNG Government utility is Nautilus’s 15% partner in this project which will mine high grade copper, gold and silver from the seafloor.
To date Nautilus has received bridge loans from the lender totalling $US9.65 M.
“In conjunction with the most recent advance of $US3 M, the company has issued to the lender an additional 12,886,597 warrants of the company,” Nautilus said.
Each Warrant entitles the lender to purchase one common share at $C0.205 for a period of five years from the date of issuance. To date Nautilus has issued a total of 41,451,888 share purchase warrants to the lender.
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