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Nautilus Receives Additional Loan Under Secured Loan Facility
Jul. 12, 2018 02:20PM PST
Base Metals Investing Nautilus Minerals has announced that it has received a loan for US$650,000 under the previously announced loan agreement between the company, two of its subsidiaries and the Lender which provides for a secured structured credit facility of up to US$34 million.
Nautilus Minerals (TSX:NUS) has announced that the company has received a loan from Deep Sea Mining Finance in the principal amount of US$650,000 under the previously announced loan agreement between the company, two of its subsidiaries and the Lender which provides for a secured structured credit facility of up to US$34 million.
As quoted in the press release:
Pursuant to the Loan Agreement, the Company has issued to the Lender an additional 2,792,096 warrants of the Company in connection with the US$650,000 loan. Each such warrant entitles the Lender to purchase one common share of the Company at a price of C$0.17 for a period of five years from the date of issuance of the warrant.
The loans are being provided to fund the Company’s working capital requirements and enable the Company to continue the advancement of the Solwara 1 Project while the Company seeks, with the assistance of its financial advisors, the remaining project financing of up to approximately US$350 million required to complete the development of the Solwara 1 Project.
Click here to read the full Nautilus Minerals (TSX:NUS) press release.
