TSX delists marine miner Nautilus
Creamer’s Mining Weekly | 29th March 2019
Marine mining hopeful Nautilus Minerals will be delisted from the TSX on April 3, a decision from the Canadian bourse that the company has unsuccessfully appealed.
Nautilus last month filed for creditor protection while it restructures.
The company’s two major shareholders have agreed to advance up to $4-million to fund ongoing expenses and restructuring activities. To date about $1.1-million has been advanced and Nautilus said on Thursday that it would draw down further amounts as needed.
Nautilus is the first company to explore the ocean floor for polymetallic seafloor massive sulphide deposits, with a mining lease over a prospect known as Solwara 1, in the territorial waters of Papua New Guinea, where it is aiming to produce copper, gold and silver.