Nautilus plans C$150 million raising through offering
- Publishing Date
- 25 May 2011 11:50am GMT
- Author
- Mining Journal
Canada’s Nautilus Minerals Inc intends to raise about C$150 million (US$153.2 million) for its deep-water polymetallic mining operation through a public offering of shares.
The planned offering would be conducted through a syndicate of underwriters led by TD Securities Inc and Credit Cuisse Securities Inc, Nautilus said.
For 30 days following closing of the offering, the underwriters would also be granted an over-allotment option of up to 15% of the shares sold.
Nautilus said proceeds from the offering would be used to fund the development of the Solwara 1 copper-gold project, which is located in the waters off Papua New Guinea in the Pacific Ocean.
Proceeds would also be used to fund the company’s equity contribution associated with the production-support vessel joint venture agreement, and for general working purposes, Nautilus said.
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