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Nautilus notified of rescission of shipbuilding contract
07-04-2018, 08:10 PM (This post was last modified: 07-04-2018 08:11 PM by seabedmining.)
Post: #1
Nautilus notified of rescission of shipbuilding contract

Toronto Ontario, July 4, 2018 - Nautilus Minerals Inc. (TSX:NUS, OTC:NUSMF Nasdaq Intl Designation) (the "Company" or "Nautilus" ) announces that it has been notified by Fujian Mawei Shipbuilding Ltd (the “Shipyard” ), the owner of the shipyard where Nautilus’ Production Support Vessel (the “PSV” ) is being built, that the Shipyard has rescinded the shipbuilding contract between the Shipyard and MAC Goliath Pte Ltd (“MAC” ), the contractor engaged by Nautilus to procure the construction of the PSV on behalf of Nautilus.

The Shipyard’s notice of rescission is in response to MACs failure to pay the third installment of the contract price (~US$18M + interest). In its press release of December 11, 2017, the Company reported that the Shipyard had notified the Company of MAC’s default. Notwithstanding the rescission of the shipbuilding contract by the Shipyard, discussions are continuing and the Company will issue further updates as matters develop.

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07-05-2018, 01:32 AM
Post: #2
RE: Nautilus notified of rescission of shipbuilding contract

'seabedmining' pid='82109' datel Wrote:

Toronto Ontario, July 4, 2018 - Nautilus Minerals Inc. (TSX:NUS, OTC:NUSMF Nasdaq Intl Designation) (the "Company" or "Nautilus" ) announces that it has been notified by Fujian Mawei Shipbuilding Ltd (the “Shipyard” ), the owner of the shipyard where Nautilus’ Production Support Vessel (the “PSV” ) is being built, that the Shipyard has rescinded the shipbuilding contract between the Shipyard and MAC Goliath Pte Ltd (“MAC” ), the contractor engaged by Nautilus to procure the construction of the PSV on behalf of Nautilus.

The Shipyard’s notice of rescission is in response to MACs failure to pay the third installment of the contract price (~US$18M + interest). In its press release of December 11, 2017, the Company reported that the Shipyard had notified the Company of MAC’s default. Notwithstanding the rescission of the shipbuilding contract by the Shipyard, discussions are continuing and the Company will issue further updates as matters develop.

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07-05-2018, 01:42 AM
Post: #3
RE: Nautilus notified of rescission of shipbuilding contract
I wonder if this is the beginning of the end? Or a ploy from the insiders to bring down PPS
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07-05-2018, 01:53 AM
Post: #4
RE: Nautilus notified of rescission of shipbuilding contract
Ok, hoping Mac has to kiss the first 2 installments good bye due to breach of contract and thus net benefiting to Nautilus.

On the other hand paying up the 18 million owing would be handy as well.

Also, just noticed that MAC has been extremely quiet on the news front since September of 2016 which has not been their history, it actually looks like perhaps a financially struggling firm from my experience. They have not delivered a vessel to anyone since September 2014 by the look of thier news thread.

And finally, where is everybody? Did we talk ourselves off the plank?

http://www.macoffshore.net/news
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07-05-2018, 07:32 AM
Post: #5
RE: Nautilus notified of rescission of shipbuilding contract
This is getting really disappointing. What do you guys think of raising a concern about the 2 major shareholders funding deal to the Canadian SEC?
If this is really a scam to get the assets for pennies on the dollars (literally), maybe the SEC would find something wrong with this setup and give a warning to them to not even attempt a claim since there seems to be a very BIG conflict of interest between them and the other shareholders!!
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07-05-2018, 09:52 AM
Post: #6
RE: Nautilus notified of rescission of shipbuilding contract

'dkeller' pid='82113' datel Wrote:This is getting really disappointing. What do you guys think of raising a concern about the 2 major shareholders funding deal to the Canadian SEC? If this is really a scam to get the assets for pennies on the dollars (literally), maybe the SEC would find something wrong with this setup and give a warning to them to not even attempt a claim since there seems to be a very BIG conflict of interest between them and the other shareholders!!

The 2 major shareholders haven't done anything yet.  To me, it seems to be working out like a 'bought deal' which would cap the value of  Nautilus to about the exercise price of the debt. 

FWIW, Loews is probably still a shareholder of just under 5%.  Templeton Precious Metals fund also probably has a large position.  So there are some big boys on board.

Anglo probably sold their shares to a single buyer, possibly allied with the 2 main share holders.  Or maybe an independent Chinese entity.  Or come up with your own conspiracy theory.   

Based on no real knowledge of Canadian bankruptcy law, I still think the major shareholders will not gain much in bankruptcy as it will delay things, and the ship and machinery are depreciating.  Their plan seems to be to finance with short duration convertible debt.  Why would they stop now?

I have been too lazy to pick through the PEA, and noticed that this year was the first without an AGM a management presentation.  Possibly because they are busy probing the Solwara site if you are an optimist, or because they would have to comment on the poor state of things if you are a pessimist.

   

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07-05-2018, 11:53 AM
Post: #7
RE: Nautilus notified of rescission of shipbuilding contract
Bloodbath tomorrow morning...
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07-05-2018, 01:59 PM (This post was last modified: 07-05-2018 02:00 PM by Monk3.)
Post: #8
RE: Nautilus notified of rescission of shipbuilding contract

(07-05-2018 11:53 AM)Club_777 Wrote:  Bloodbath tomorrow morning...

Canadian markets were open today.  It will be interesting to see the NUSMF vs. NUS.TO shareholders.  Down 16% on a volume of 150K shares.  So people aren't panicking but the small few found not a lot of interested buyers and therefore the 16% shave.  I would imagine the same will be displayed on the NUSMF side.  Now, Mike will really have nothing to say since all his progress reports regarding NUS were status updates on a shipyard building a ship for a company that isn't NUS.  What else have you been working on Mike?

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07-05-2018, 10:42 PM (This post was last modified: 07-05-2018 10:51 PM by GGGGG.)
Post: #9
RE: Nautilus notified of rescission of shipbuilding contract

'Monk3' pid='82117' datel Wrote:

'Club_777' pid='82115' datel Wrote:Bloodbath tomorrow morning...

Canadian markets were open today.  It will be interesting to see the NUSMF vs. NUS.TO shareholders.  Down 16% on a volume of 150K shares.  So people aren't panicking but the small few found not a lot of interested buyers and therefore the 16% shave.  I would imagine the same will be displayed on the NUSMF side.  Now, Mike will really have nothing to say since all his progress reports regarding NUS were status updates on a shipyard building a ship for a company that isn't NUS.  What else have you been working on Mike?

  There is the bouncy sea floor sampler machine.   If you are an optimist they are mapping the sea floor to create the best possible plan for operating the mine. 

The issue with MAC is probably that Nautilus does not have a few hundred million in the bank to pay the $200k per day lease rate once the vessel is certified.  So the question comes back to the financing.

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07-06-2018, 12:09 AM
Post: #10
RE: Nautilus notified of rescission of shipbuilding contract

'Monk3' pid='82117' datel Wrote:

'Club_777' pid='82115' datel Wrote:Bloodbath tomorrow morning...

Canadian markets were open today.  It will be interesting to see the NUSMF vs. NUS.TO shareholders.  Down 16% on a volume of 150K shares.  So people aren't panicking but the small few found not a lot of interested buyers and therefore the 16% shave.  I would imagine the same will be displayed on the NUSMF side.  Now, Mike will really have nothing to say since all his progress reports regarding NUS were status updates on a shipyard building a ship for a company that isn't NUS.  What else have you been working on Mike?

Yes Sir, that is why I wrote it. I saw how NUS closed yesterday. The volume is not convincing to me... 150k... thats peanuts.

What is my concern is that an entity in China (read government) may want to get that vessel first. They would just need the tools after that. And off they go sub-sea mining. And Nautilus witha finger in their mouths.... Or possible long legal battles to get the ship and pay the 18 mils. I hope our dudes were preparing for this since last year.

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