Nautilus Minerals to raise $100 million for PNG seafloor project
Nautilus Minerals (TSX:NUS)(AIM:NUS) is to raise approximately US$100 million (C$98.1 million*) through a private placement of common shares to fund the development of its first project, Solwara 1, in the Bismarck Sea of Papua New Guinea. The placing will involve the issue of approximately 39 million shares to a number of investors at a price of CAD$2.52 (US$2.58) per share. Nautilus President and CEO Steve Rogers said the private placement would provide funds for the construction of the seafloor resource production system, which initially will be deployed at Solwara 1 – the company's first deepwater copper and gold project.