08-13-2019, 04:17 AM
Looks like they are going for court approval tomorrow to take the assets and bankrupt NMI.
Nautilus obtains creditor approval of plan of compromise and arrangement
Press Release
Number 2019 – 10
Vancouver, British Columbia, August 12, 2019 - Nautilus Minerals Inc. (OTC:NUSMF Nasdaq Intl Designation) (the "Company" or "Nautilus") advises that today a plan of compromise and arrangement (the “Plan”) among certain of the Company’s subsidiaries (collectively, the “Nautilus Restructuring Entities”) and their unsecured creditors (collectively, the “Affected Creditors”) was approved by the requisite majority of the Affected Creditors at a meeting of such creditors (the “Meeting”) held for the purposes of voting on the Plan at the Vancouver, British Columbia offices of PricewaterhouseCoopers Inc. (the “Monitor”).
The Plan was unanimously approved by the voting Affected Creditors at the Meeting.
In light of the foregoing, on August 13, 2019, the Company and substantially all of its direct and indirect subsidiaries will bring an application to the Supreme Court of British Columbia (the “Court”) in proceedings under the Companies’ Creditors Arrangement Act (Canada) for an order (the “Sanction Order”) approving and sanctioning the Plan and various transactions related to the Plan and the acquisition agreement with Deep Sea Mining Finance Ltd. (“DSMF”) pursuant to which DSMF will acquire certain subsidiaries of the Company and certain intercompany indebtedness (the “Acquisition Agreement”).
If the Sanction Order is granted as sought and the conditions precedent to the Acquisition Agreement and the Plan are met, upon completion and implementation of the Acquisition Agreement and the Plan, the Company will have effectively no assets, and, as contemplated by the Plan, will be iquidated.
Further details of the Meeting can be found in the Monitor’s Fourth Report to Court dated August 9, 2019, which, along with copies of the Plan and all materials relevant thereto, are published on the Monitor’s website at: www.pwc.com/ca/nautilus-minerals.
For more information please contact:
Investor Relations
Email: investor@nautilusminerals.com
Tel: +61 7 3318 5555
Nautilus obtains creditor approval of plan of compromise and arrangement
Press Release
Number 2019 – 10
Vancouver, British Columbia, August 12, 2019 - Nautilus Minerals Inc. (OTC:NUSMF Nasdaq Intl Designation) (the "Company" or "Nautilus") advises that today a plan of compromise and arrangement (the “Plan”) among certain of the Company’s subsidiaries (collectively, the “Nautilus Restructuring Entities”) and their unsecured creditors (collectively, the “Affected Creditors”) was approved by the requisite majority of the Affected Creditors at a meeting of such creditors (the “Meeting”) held for the purposes of voting on the Plan at the Vancouver, British Columbia offices of PricewaterhouseCoopers Inc. (the “Monitor”).
The Plan was unanimously approved by the voting Affected Creditors at the Meeting.
In light of the foregoing, on August 13, 2019, the Company and substantially all of its direct and indirect subsidiaries will bring an application to the Supreme Court of British Columbia (the “Court”) in proceedings under the Companies’ Creditors Arrangement Act (Canada) for an order (the “Sanction Order”) approving and sanctioning the Plan and various transactions related to the Plan and the acquisition agreement with Deep Sea Mining Finance Ltd. (“DSMF”) pursuant to which DSMF will acquire certain subsidiaries of the Company and certain intercompany indebtedness (the “Acquisition Agreement”).
If the Sanction Order is granted as sought and the conditions precedent to the Acquisition Agreement and the Plan are met, upon completion and implementation of the Acquisition Agreement and the Plan, the Company will have effectively no assets, and, as contemplated by the Plan, will be iquidated.
Further details of the Meeting can be found in the Monitor’s Fourth Report to Court dated August 9, 2019, which, along with copies of the Plan and all materials relevant thereto, are published on the Monitor’s website at: www.pwc.com/ca/nautilus-minerals.
For more information please contact:
Investor Relations
Email: investor@nautilusminerals.com
Tel: +61 7 3318 5555