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Status Update as at April 3, 2019
The CCAA Comeback Hearing was held on March 11, 2019 and at that time, the Sales and Investor Solicitation Process (‘SISP’) was confirmed and the stay of proceeding was extended to June 28, 2019.  We are preparing this brief update for stakeholders and other interested parties.

Since March 11th, the Company has finalized its interim financing agreement and funds are in place to pay amounts pursuant to the Initial Order as contemplated in the Company’s Cash Flow Statement. The Monitor continues to review the Company’s cash flows and to date, the actual activity has been as projected.  Accordingly, the Monitor confirms that operations are continuing as planned and there have been no unforeseen complications arising from the CCAA process.

The Monitor and the Company initiated the SISP, as approved by the Court in the Initial Order and the Monitor has been actively pursuing parties interested in the sale of all or any part of the Company’s Property, together with parties who are contemplating an investment in the Company, albeit in a restructured manner.
The Monitor is currently reviewing information provided by a number of parties following the March 29, 2019 pre-qualification deadline. The pre-qualification deadline was established to assess the interested party’s financial ability to complete a transaction that may be contemplated under the SISP.  At this stage in the SISP, the Monitor and the Company are pleased with the robust nature of interest from a wide range of parties.
The next milestone in the SISP is April 26, 2019. At this time, interested parties are required to submit letters of intent.

Corporate Governance
The Toronto Stock Exchange (the ‘TSX’) has delisted Nautilus Minerals Inc. effective today, April 3, 2019.   The delisting was not a surprise to the Company or the Monitor and does not represent a challenge to the plans envisioned in this restructuring.
The Company was given notice of the delisting decision by the TSX in mid-March and appealed this decision shortly thereafter.  Late last week, the Company received notice that this appeal was denied by the TSX. Accordingly, effective today, Nautilus Minerals Inc. is no longer listed on the TSX.
In light of the delisting and the changes to the regulatory requirements moving forward, the Company’s Board of Directors determined that its function of overseeing a publicly-listed company had changed significantly, particularly in light of the CCAA process, together with the added oversight of the Monitor in these proceedings.  As a result, there has been a change to the governance structure of the Company and certain of its subsidiaries. As of March 29, 2019, all directors of Nautilus Minerals Inc., with the exception of the Chairman, resigned. Mr. John McCoach also resigned as CEO of the Company.
The Company’s CFO, Mr. Glenn Withers, has been named as Managing Director over the Company operations and has been appointed to the Board of Nautilus Minerals Inc. and Nautilus PNG. As a result, the Company maintains a fully compliant board of directors and an experienced, but streamlined, management team and corporate governance board structure. In conjunction with the Monitor, management will retain full and exclusive oversight over the SISP process.
The Company and its subsidiaries will continue to operate as normal during the CCAA process.

(04-05-2019, 05:24 PM)seabedmining Wrote: SISP
 At this stage in the SISP, the Monitor and the Company are pleased with the robust nature of interest from a wide range of parties.

Remember when that guy offered a dollar a share and the share price doubled that day?  That was actually the very same day I had bought the stock.  I could have doubled my money the same day I bought it if I sold.  I was afraid to sell it because I thought the SEC would come after me for insider trading or something.  And I figured well hell if the first day I bought it and it doubled well it could only go up from here.  Dodgy

I have since doubled down may times.  We'll see.  

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