VANCOUVER (miningweekly.com) – Marine mining hopeful Nautilus Minerals has arranged bridge financing of about $7-million from Deep Sea Mining Finance, to assist the company's immediate working capital requirements.
The loans will also allow the Canadian company to make the payments required to continue with the development of its novel seafloor production system which will be used at the Solwara 1 copper/gold project, offshore Papua New Guinea.
The loans bear interest at 8%/y, payable bi-annually in arrears with a one-year maturity date.
The bridge loans are expected to form part of a larger secured structured credit facility of up to $34-million to be provided by the lender to the company, on terms currently being negotiated between the company and Deep Sea Mining Finance.
Nautilus also announced that it has entered into a funding mandate agreement with M Horn & Co, which has been tasked with securing the remaining $350-million required to complete development of Solwara 1.