NEW YORK, May 6, 2016 /CNW/ -- Loews Corporation (NYSE: L) announced that on April 8, 2016 it acquired 34,972,795 common shares of Nautilus Mineral Inc. ("Nautilus") (TSX: NUS, OTCQX: NUSMF) in a rights offering at a price of CAD$0.15 per share, for an aggregate purchase price of CAD$5,245,919.25. The shares acquired in the rights offering represented approximately 5.52% of the issued and outstanding common shares of Nautilus and increased Loews's participation in the share capital of Nautilus to approximately 10.01%. Subsequently, Loews disposed of ownership and control of a number of common shares of Nautilus such that its participation in the share capital of Nautilus has been reduced below 10%. The shares were disposed of through the facilities of the Toronto Stock Exchange.
The foregoing transactions in common shares of Nautilus by Loews Corporation were made for investment purposes only, and Loews Corporation may from time to time acquire or dispose ownership of, or control or direction over, additional securities of Nautilus for investment purposes.
This news release is being issued under the early warning provisions of Canadian provincial securities legislation. Loews Corporation has filed an early warning report in respect of the disposition and acquisition of the shares on SEDAR under Nautilus's company profile.
About Loews Corporation
Loews Corporation is a diversified company with three publicly-traded subsidiaries: CNA Financial Corporation (NYSE: CNA), Diamond Offshore Drilling, Inc. (NYSE: DO) and Boardwalk Pipeline Partners, LP (NYSE: BWP); and one wholly owned subsidiary, Loews Hotels & Resorts. For more information please visit www.loews.com.
SOURCE Loews Corporation
For further information: Mary Skafidas, Vice President, Investor and Public Relations, Loews Corporation, 667 Madison Avenue, New York, NY 10065-8087, 212-521-2788, http://www.loews.com