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Nautilus Minerals Inc Announces Closing of Rights Offering

Wednesday, 12 Jun 2013 07:02am EDT 

Nautilus Minerals Inc announced that it has received gross proceeds of CAD40 million before expenses as a result of the closing of its rights offering through the issuance of 200,000,000 common shares at a subscription price of CAD0.20 per common share. Under the rights offering, 125,485,507 common shares were issued under the initial subscription with 25,136,966 common shares issued under the additional subscription. In total 150,622,473 common shares were subscribed for under the rights offering representing over 75% of the total shares on offer. One of the Company's major shareholders, MB Holding Company LLC, through a wholly owned subsidiary, agreed to act as a Standby Purchaser in respect of the rights offering and purchased the remaining 49,377,527 common shares that were not otherwise subscribed for under the offering, in consideration for a fee of CAD2 million. The net proceeds from the offering will be used by the Company to continue funding its three key contracts related to the Seafloor Production System. 

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