Prospective seabed mining company Nautilus Minerals says it has until January 14 to find a new source of loan funds or it will be unable to continue operating.
Nautilus is already surviving on life-support, having been relying on a series of short-term loans from its major shareholders to stay afloat all through 2018.
Nautilus was due to start repaying those loans on January 8, but has been given a 30-day lifeline with the repayment date extended to February 8th.
But, with its shareholders effectively refusing any further bailouts, the company is now relying on finding a new source of borrowing to continue to function beyond January 14.
Nautilus says it is in negotiations with a third party to secure a new US$5 million but ‘there can be no assurances that the Company will receive the necessary funding by [Jan 14]’.
Read the full Nautilus update