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Nautilus Minerals Files Preliminary Prospectus for $40M Rights Offering

Nautilus Minerals Inc. (NUS.TO) has filed a preliminary short form prospectus within each province of Canada, other than Quebec, in respect of a rights offering to raise gross proceeds of $40 million through the issuance of rights to subscribe for an aggregate of 200 million common shares at a subscription price of $0.20 per common share.

One of the company's major shareholders, MB Holding Company LLC, through a wholly owned subsidiary, has agreed to act as Standby Purchaser in respect of the full offering and will purchase all of the common shares that are not otherwise subscribed for under the offering, in consideration for a fee of $2 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.

NUS shares gained a penny to $0.385.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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