Another tranche of loans has been granted to Nautilus Minerals Inc (TSX: NUS; OTC: NUSMF) in its quest to complete development of the world’s first major seafloor massive sulphides mining (SMS) operation.
The company, which had its origin with Australian and Kiwi experts and financiers, has received another loan from Deep Sea Mining Finance Ltd, this time for $US770,000.
Deep Sea and another lender are related to the two major shareholders of Nautilus for a secured structured credit facility of up to $US34 million.
Nautilus has issued Deep Sea with an additional 3,307,560 warrant. Each warrant entitles the lender to purchase one common share at $C0.17/share over a five years period.
To date Nautilus has issued a total of 68,492,264 share purchase warrants to the lender for loans totalling $US15.945 M.
Nautilus has had specialised seabed mining equipment built and a vessel to transport high grade copper, gold, zinc and other minerals in the SMS deposits has been under construction in a Chinese shipyard.
The project is Solwara-1 in the Bismarck Sea of Papua New Guinea and the PNG Government is a minor participating partner in the project.