From my research, funding of the PSV is 2 fold. The company has agreed to pay a 18 mil dollar guarantee of which 10mil has already been paid. Per the press release in Feb 2015, the remaining 8 mil will be due at the commencement of the charter. As Nautilus is going to be chartering the vessel (at a rate of around $200K per day), MAC is picking up the rest of the bill. So is the PSV paid for? Yes and No.
http://www.nautilusminerals.com/IRM/PDF/...sguarantee
"Toronto Ontario, February 2, 2015 - Nautilus Minerals Inc. (TSX:NUS, OTCQX: NUSMF) (Company or Nautilus) announces it has pre-paid US$10M of the US$18M charterer’s guarantee that was to be provided to Marine Assets Corporation (MAC) on the commencement of the charter of the vessel, which is to be first deployed for use at the Company’s Solwara 1 Project.... In the circumstances, the Company has agreed to pre-pay US$10M of the charterer’s guarantee on the basis that: (i) the remaining US$8M of the charterer’s guarantee will be provided to MAC by the Company on the commencement of the charter of the vessel; and (ii) the parties have agreed to determine how to proceed in relation to the Deposit following the conclusion of the investigations, which may take some months."
Also from the initial press release of the vessel charter
http://www.nautilusminerals.com/IRM/PDF/...selCharter
" Under the terms of the arrangement, MAC will enter into a contract with Fujian Mawei Shipbuilding Ltd., based in Fujian province in south-eastern China, to design and construct the vessel in accordance with Nautilus’ specifications (Shipbuilding Contract). The Shipbuilding Contract is expected to be signed by no later than 28 November 2014. A US$10M deposit is payable by Nautilus to MAC following the payment by MAC of the first installment under the Shipbuilding Contract. A further charterer’s guarantee of US$18M will be provided to MAC by the Solwara 1 JV on the commencement of the charter of the vessel."
I noticed something else in the prospectus as well that I feel is relevant. By achieving 50% funding in the rights offering, they will be able to fully fund the dewatering plant. Would this be considered a part of the PSV or the seafloor production tools? I concede that they are all related to the same overall system but who is picking up the bill for the other PSV systems that have been announced? MAC or NM? On the companies page for Status of Equipment, the dewatering plant is not even listed. Do we know of any other major equipment systems that are not funded?