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5/10/2018 — Other Minerals and Metals
Nautilus continues talk on vessel contract

Talks are being continued by Nautilus Minerals Inc (TSX: NUS; OTC: NUSMF) with parties on ownership of the production support vessel (PSV) being built in China for the company’s seafloor massive sulphides mining project in Papua New Guinea waters.

The shipyard Fujian Mawei Shipbuilding Ltd rescinded the shipbuilding contract it had with MAC Goliath Pte Ltd, which had been engaged by Nautilus to procure construction of the PSV.

In an update this week, Nautilus said it was currently in discussions with other parties about ownership of the PSV and terms of its charter to Nautilus.

Nautilus also said it had entered into a financial advisory services agreement with Metals Logistics Investments Ltd (MLI), which is a Dubai registered advisory firm focusing on companies in the resource sector with professionals in the UK, Switzerland and the US.

MLI is advising Nautilus on alternative funding solutions.

Nautilus has also engaged Eight Capital as financial advisor to assist in a comprehensive review and analysis of strategic alternatives aimed at enhancing shareholder value.

Eight Capital is a Canadian principal-owned, full-service investment dealer and is well-known globally as a leading investment banking firm in the mining sector.

Nautilus chief executive John McCoach said there can be no guarantee that a review by these financial parties will result in a transaction, or if a transaction is undertaken, as to its terms or timing.

Nautilus has reached an advanced stage with building specialist mining machinery for the Solwara-1 high grade copper, gold, zinc and other metals deposit in the Bismarck Sea. The PNG Government is a minor equity holder in the project.

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Production support vessel.