An amended agreement has been struck between Nautilus Minerals Inc (TSX:NUS, OTC:NUSMF) and financial advisor M. Horn & Co Ltd.
Nautilus said M. Horn will provide the services under the existing funding mandate agreement on a non-exclusive basis. Previously the Advisor was engaged on an exclusive basis.
Nautilus said that a non-exclusive engagement will provide more flexibility and options as it continues to seek the remaining project financing required to complete the development of the Solwara-1 seafloor massive sulphides project in the Bismarck Sea of Papua New Guinea.
Under the amended funding mandate, M Horn will continue to be paid fees under the under the existing mandate on financings it introduced. The advisor will also be entitled to a fee equal to 1% of the amount of financings closed during the term of the mandate with advisors not introduced by M Horn.
The term of the mandate expires on January 8, 2019.
Nautilus said efforts to secure project financing were ongoing and it was in “active discussions with various third parties and financial advisors.”
Solwara-1 contains several minerals including high grade copper and gold and the project has the PNG Government as a minor partner.
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