Nautilus Minerals has arranged additional bridge loans from Deep Sea Mining Finance, which are expected to form part of a larger secured structured credit facility of up to $34 million.
Nautilus has to date received bridge loans from Deep Sea Mining Finance totaling $9,650,000.
The bridge loans should assist Nautilus’ immediate working capital requirements and facilitate payments required to continue the development of the company’s seafloor production system to be first utilized at the Solwara 1 project.
Deep Sea Mining Finance is a private company owned 50% by USM Finance, a wholly-owned subsidiary of USM Holdings, an affiliate of Metalloinvest Holding (Cyprus); and Mawarid Offshore Mining, a wholly-owned subsidiary of MB Holding Company.