Nautilus Delivers $2 Million Financing Notice

Nautilus Minerals (TSX:NUS) has announced pursuant to its agreement with Mawarid Offshore Mining and Metalloinvest Holding, Nautilus has delivered a financing notice regarding a private placement of an aggregate of 15,539,080 common shares at a price of $0.174 for proceeds of $2 million.
As quoted in the press release:

In accordance with the Subscription Agreement, the issue price equals the five day volume weighted average trading price of the Company’s shares on the Toronto Stock Exchange immediately prior to the date of the Financing Notice, and the number of shares to be issued under the Financing Notice was calculated based on the noon US/CAD exchange rate of 1.3519 posted by the Bank of Canada on the last business day prior to the date of the Financing Notice.
Closing of the private placement under the Financing Notice is required to occur during December, 2016 and within 10 business days following payment of the subscription proceeds by the Investors to the Company, pursuant to the Subscription Agreement.

Click here to read the full press release.