Nautilus identifies potential delay to Vessel Build
Jun 01, 2012
OTC Disclosure News Service
Toronto, ONT, Canada – Toronto, Ontario, June 1, 2012 — Nautilus Minerals announces that there may be a delay in the finalisation of funding for the vessel to be used in connection with its Solwara 1 Project and a potential consequential delay to the program for the vessel build. In turn, this may result in a delay to the commencement of operations at Solwara 1.
Nautilus and its strategic partner, Harren Partner, have been negotiating the terms of third party financing related to the production support vessel for its first development project, Solwara 1, in Papua New Guinea. The vessel is planned to be owned and operated by the joint venture company (Vessel JV) to be formed by the parties (see links section for full press release).
Harren Partner has advised that it will no longer be able to contribute the full amount of the equity to the Vessel JV contemplated by the Agreement signed by the parties in April 2011. The change to Harren Partner’s position, linked to a tightening of banking rules in the current European crisis and the depressed shipping market, may delay the finalisation of the terms of the third party funding and result in a consequential delay to the program for the vessel build.
Harren Partner and Nautilus continue to work together to resolve the change in funding requirements, which includes evaluating alternative vessel and associated funding solutions.
As at April 30, 2012 Nautilus held US$119.1M in cash and cash equivalents.
A Conference Call and Webcast will be held next week, details of which will be provided in due course.
For more information please refer to www.nautilusminerals.com or contact:
Nautilus Minerals Inc. (Toronto)
Tel: +1 (416) 551 1100
Numis Securities Limited
Nominated adviser: Alastair Stratton/Stuart Skinner
Corporate broking: James Black
Tel: + 44(0) 20 7260 1000
Dahlman Rose Co., LLC
Christopher R. Weekes
1301 Avenue of the America’s
New York, NY 10019
Direct: +1 212 372 5766
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