OMAN, Aug. 1, 2012 /CNW/ - In accordance with regulatory requirements, MB announced that on July 31, 2012 Mawarid Offshore Mining Ltd. ("Mawarid"), a wholly-owned subsidiary of MB, entered into a binding subscription agreement with Nautilus ("Subscription Agreement") providing for the subscription by Mawarid of up to 20,000,000 common shares of Nautilus ("Nautilus Shares") in two tranches at Cdn.$0.90 per share. The subscription under the Subscription Agreement is part of a larger offering by Nautilus of approximately 37,700,000 Nautilus Shares (the "Offering").
Subject to the terms and conditions of the Subscription Agreement, Mawarid will purchase on completion of the first tranche of the Offering (August 3, 2012), such number of Nautilus Shares as will result in it, together with its affiliates, beneficially owning 9.99% of the outstanding Nautilus Shares. Nautilus advises that the subscription by Mawarid on completion of the first tranche of the Offering will be for 1,566,189 Nautilus Shares.
Subject to the terms and conditions of the Subscription Agreement, on completion of the second tranche of the Offering (to be the date that is five business days after the date the Toronto Stock Exchange approves the personal information form filed by Mawarid, provided that approval is obtained no later than October 31, 2012), Mawarid will acquire the lesser of (i) such number of Nautilus Shares which, when aggregated with the Nautilus Shares purchased by Mawarid under the first tranche of the Offering, equals 20,000,000; and (ii) such number of Nautilus Shares which, when aggregated with Nautilus Shares beneficially owned or controlled by Mawarid and its affiliates, equals 19.99% of the outstanding Nautilus Shares. Nautilus advises that the subscription by Mawarid on completion of the second tranche of the Offering will be for 18,433,811 Nautilus Shares resulting in MB and its affiliates beneficially owning or controlling 16.9% of the outstanding Nautilus Shares.
The total number of Nautilus Shares beneficially owned or controlled by MB and its affiliates as of the date hereof is 19,636,897, which number represents approximately 9.99% of the outstanding Nautilus Shares (based on 196,424,741 outstanding shares of Nautilus as at the date hereof, as advised by Nautilus).
The additional Nautilus Shares are being acquired for investment purposes only. Depending upon the market and other conditions, MB and its affiliates may acquire additional securities of Nautilus.
SOURCE: MB Holding Company LLC
For further information:
Mr. Sushil Srivastava
MB Holding Company LLC
P.O. Box 695, Muttrah
Postal Code 114, Sultanate of Oman