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VANCOUVER, British Columbia, March 28, 2019 (GLOBE NEWSWIRE) -- Nautilus Minerals Inc. (TSX:NUS, OTC:NUSMF Nasdaq Intl Designation) (the "Company" or "Nautilus") announces that Toronto Stock Exchange (“TSX”) has advised the Company that the common shares of Nautilus will be delisted from TSX effective at the close of market on April 3, 2019. Nautilus appealed the initial decision by TSX to delist the Company’s common shares; however, the Company’s appeal was unsuccessful.
The Company’s common shares will continue to be suspended from trading on TSX until the Company is delisted on April 3, 2019. The Company’s common shares remain halted from trading on the OTC Markets.
As previously disclosed, Nautilus filed for, and was granted, creditor protection under the Companies’ Creditors Arrangement Act (“CCAA”) by the Supreme Court of British Columbia (the “Court”). The Court approved a sale and investment solicitation plan (“SISP”). The SISP had been prepared with input from PricewaterhouseCoopers Inc. (“PwC” or the “Monitor”), the Court appointed Monitor of the Company. PwC will oversee the implementation of the SISP.
The Court order, the SISP, the Monitor’s reports, other Court documents and general updates on the CCAA proceedings can be viewed at www.pwc.com/ca/nautilus-minerals.
Through the CCAA proceedings, a company controlled by affiliates of Nautilus’ two major shareholders is prepared to advance up to US $4 million to Nautilus under a credit facility in order to fund the ongoing expenses and restructuring activities of Nautilus, including the implementation of the SISP. To date US $1.1 million has been advanced. The Company expects to draw further advances on an as needed basis.
The TSX does not accept responsibility for the adequacy or accuracy of this press release.
Certain of the statements made in this news release may contain forward-looking information within the meaning of applicable securities laws, including statements with respect to potential funding and restructuring transactions, including further advances from its major shareholders, a future listing and carrying out the Company’s vision and business plan. Forward-looking information by its nature involves known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information. Please refer to our most recently filed Annual Information Form in respect of material assumptions and risks related to the prospects of extracting minerals from the seafloor and other risks relating to the Company's business and plans for development of the Solwara 1 Project. Risks related to continuing the Company's operations and advancing the development of the Solwara 1 Project include the risk that the Company will be unable to obtain at all or on acceptable terms, and within the timeframes required, the remaining financial resources necessary to fund completion of the build, testing and deployment of the Company's seafloor production system; that the Company will be unable to successfully negotiate additional extensions to the maturity date of outstanding loans under its secured loan facility; and that the Company will be unable to arrange for the charter of the production support vessel from the owner of the vessel. As the Company has not completed a prefeasibility study or feasibility study in respect of the Solwara 1 Project, there can be no assurance that the Company's production plans will, if fully funded and implemented, successfully demonstrate that seafloor resource production is commercially viable. Except as required by law, we do not expect to update forward-looking statements and information as conditions change and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada.
For more information please refer to www.nautilusminerals.com or contact:
Nautilus Minerals Inc.
Tel: +61 7 33185555