Nautilus Minerals Inc. announces the release of its unaudited consolidated financial results for the second quarter ended June 30, 2012 together with Management’s Discussion and Analysis.
Q2 2012 Significant Events:
– Bismarck Exploration Program completed
– Signed landmark offtake agreement for Solwara 1
– Listed on OTCQX
– Dispute process and arbitration with the State of PNG
– Potential delay to Vessel build identified
– Solwara 1 Project build advances
– $87.1 million (equivalent) in cash and cash equivalents as at June 30, 2012
Q2 2012 Subsequent Event:
– Private placement of common shares to raise CAD$ 34 million
“We took a significant step forward this quarter with the signing of the landmark offtake agreement with Tongling,” said Nautilus CEO Stephen Rogers . “Whilst we now expect some delay to the vessel construction program the seafloor production equipment build continues and we are working hard to minimise the overall impact to the production date.”
“The CAD$34 million to be raised through the private placement will be used to continue the construction of key equipment.”
[mappress] Press Release, August 02, 2012