TSX- and Aim-listed Nautilus Minerals, the company that plans to mine copper and gold from the seafloor, has launched a market public offering of common shares and plans to raise about C$150-million.
The offering will be conducted through a syndicate of underwriters led by TD Securities and Credit Suisse Securities (Canada), Nautilus said.
The company plans to use the proceeds to fund development of its Solwara 1 project, for its equity contribution to a joint-venture on a new offshore mining vessel and for general corporate purposes.
The underwriters will also be given an over-allotment option equal to 15% of the shares sold in the offering, which will be priced in the context of the market, Nautilus said.
Nautilus was awarded the world's first deep-sea mining lease by the government of Papua New Guinea earlier this year, and said last month it had signed an strategic partnership agreement with Germany's Harren & Partner, to provide the offshore mining vessel.
The company plans to mine high-grade copper and gold ore on the seafloor off the shore of Papua New Guinea.
Shares in the firm rose 0,4% on Tuesday, to C$2,70 apiece by 15:59 in Toronto.
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