The company wants to raise the financing to pay for the construction of its seafloor production system. Nautilus is the first company to search for polymetallic seafloor massive sulphide deposits and is currently developing its first project in the territorial waters of Papua New Guinea, Prime reports.
“At the end of June, the major equipment items of the system were 51 percent complete, and a significant percentage of the sub components have been delivered,” Steve Rogers, the president and CEO of Nautilus, said, according to Prime.
Existing strategic shareholders include Metalloinvest, a Russian metals holding company, Anglo American, a United Kingdom mining company, and MB Holdings. The companies are all participating in the private placement.
Metalloinvest has subscribed for approximately 8.3 million shares to maintain a 21 percent interest in Nautilus. Anglo American has subscribed for 4.4 million shares to maintain an 11.1 percent stake. MB Holdings has subscribed for 20 million shares to grow its stake to 16.9 percent, according to Prime.
The shares will be offered at approximately $0.897 each and the Tuesday closing price of the shares amounted to $1.097 a piece.
At the Solwara 1 project in Papua New Guinea, Nautilus aims to produce silver, gold and copper.