A loan agreement has been set between aspiring seafloor massive sulphides miner Nautilus Minerals (TSX: NUS; OTC: NUSMF) and Deep Sea Mining Finance Ltd to formalise a previously disclosed secured structured credit facility of up to $US34 million.
Nautilus and wholly-owned subsidiaries Nautilus Minerals Niugini Ltd and Nautilus Minerals Pacific Pty Ltd entered into the loan agreement so it could continue to receive secured loans from Deep Sea to fund working capital requirements.
Nautilus is advancing development of its high-grade seabed Solwara-1 deposit in the Bismarck Sea of Papua New Guinea.
Nautilus was also seeking the assistance of its financial advisors on the remaining project financing of up to $US350 M to complete Solwara-1.
To date Nautilus has received bridge loans from the Lender totalling $US11.25 million.
The loans are secured against the assets of the company.