Nautilus Minerals Inc. (TSX: NUS; OTC: NUSMF) has received a new loan from Deep Sea Mining Finance Ltd, a company associated with major shareholders in the company.
Nautilus, which is developing the Solwara-1 seafloor massive sulphide deposit that has high grades of copper, gold and zinc, has issued a further 2.147 million warrants to cover a loan of $US500,000.
Solwara-1 is in the Bismarck Sea of Papua New Guinea, and the PNG Government is a minor partner in the project.
Deep Sea is providing a secured structured credit facility for up to $34 M.
Nautilus said that to date it has issued 63,896,044 share purchase warrants to the lender in connection with loans totalling $US14.875 M.
Deep Sea is a subsidiary of USM Finance Ltd, an affiliate of Metalloinvest Holding (Cyprus) Ltd; and Mawarid Offshore Mining Ltd, a subsidiary of MB Holding Company LLC.
Companies mentioned in article