BRIEF-Nautilus obtains bridge financing and restructures Solwara 1 project delivery

Mon Aug 22, 2016 8:12am EDT
 
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Aug 22 (Reuters) - Nautilus Minerals Inc :

* Nautilus obtains bridge financing and restructures solwara 1 project delivery

* Nautilus Minerals inc says has signed a subscription agreement with mawarid offshore mining ltd

* Nautilus Minerals inc says purchasers have agreed to purchase such number of common shares of co that will raise gross proceeds of up to us$20 million

* Additional funding required and in order to continue operating during financing period, co will implement a restructuring plan

* Restructuring plan involves reducing company staff numbers by approximately 60% to maintain key resources required to implement

* Nautilus Minerals inc says could be in a position to commence initial deployment and testing operations at solwara 1 project by end of q1 2019

* Staff reductions will include departure of co's executive management team by september 2, 2016, shontel norgate, cfo Source text for Eikon: Further company coverage: