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Nautilus Minerals change in directors and officers
#1
Nautilus Minerals Inc. (TSX:NUS, OTC:NUSMF Nasdaq Intl Designation) (the "Company" or "Nautilus") announces that, effective March 29, 2019, four of Nautilus’ five directors have resigned. Mr. John McCoach has also resigned as the Company’s Chief Executive Officer.

Mr. Tariq Al Barwani remains a director of Nautilus and has appointed the Company’s CFO, Mr. Glenn Withers, as Managing Director of Nautilus.
As previously disclosed on March 28, 2019, the Company will be delisted from the TSX effective April 3, 2019.
As previously disclosed, Nautilus filed for, and was granted, creditor protection under the Companies’ Creditors Arrangement Act (“CCAA”) by the Supreme Court of British Columbia (the “Court”). The Court approved a sale and investment solicitation plan (“SISP”). The SISP had been prepared with input from PricewaterhouseCoopers Inc. (“PwC” or the “Monitor”), the Court appointed Monitor of the Company.
Mr. Al Barwni said “Nautilus is focused on maximizing the benefit for all of its stakeholders through the SISP. PWC is very capably overseeing the implementation of the SISP”. Mr. Al Barwani added “on behalf of the Company I would like to thank John McCoach and the other departing board members for their enormous contibutions.”.
The Company will report on the outcome of the SSIP in late June or early July, 2019. The Monitor will file periodic reports with the Court; they can be viewed at 

www.pwc.com/ca/nautilus-minerals
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#2
Is this good or bad?
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#3
4 from 5 - I would say... bad

and CFO as Managing Director... sounds like the very last one... who sell the company
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#4
Sale or reorganization, which would require inflow of money. I think those are the options. What do we get back on a sale. I'm sure we get screwed but how much do we get? Any guesses.
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#5
Glass Half Full View: McCoach and exiting board 1.) secured a JV or funding and 2.)successfully initiated the SIP process to sell unwanted assets and have now resigned after fulfilling their mandate. They all have 1 million + in options (.23 strike price). Now they are making room on board for new members. What does McCoach really know about running a mining company. Too optimistic????
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#6
The departure happened a day after they lost the listing on TSX. (possibly a connection and that messed up some plans)

It is a possibility (make room for professionals), or make a new JV and the new company to look for representation the same way as MB and Metalo. China maybe.
It is good to hear that the mining license is not revoked.
The CFO being kept - not just for selling the company, but also for selling anything off of it too. Some of the rest - we never quite heard anything from them. At least salaries wont be paid. The records will show up whether the directors were fired or they left. (if they keep the options)

Wait for June/July.... Until then they will go low profile and we wont hear anything anyway.
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#7
What I find amazing is the two largest shareholders could make this company whole just from the pocket change that they can pull out of their couches. It doesn't make sense to me that they would jeopardize the loans that are owed to them. Unless this is another way to buy the company at an extremely discounted price. This could have been the design from the very beginning. No financing, we'll own it then anyway.
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#8
Purposely bankrupting NUS so MB and Metallo can own doesn't make any sense. They could could have taken possession Jan 8th 2019. Instead they extend the maturity date twice and voluntarily enter into a CCAA and SIS? That puts the control directly into PWC and the Court's hands. Come on: DSMF has 76 million warrants at .23. Something else is going on behind the scenes.
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#9
(04-03-2019, 11:27 PM)seabedmining Wrote: 4 from 5 - I would say... bad

and CFO as Managing Director... sounds like the very last one... who sell the company

I see this in a different light.  The resignations would be necessary in order to clear space for potential joint ventures.
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