CCAA Proceedings of Nautilus Minerals Inc. and Nautilus Minerals Pacific Pty. Ltd.

NMI and its 41 subsidiaries are the market leaders in the development of deep sea mining technology. It raised approximately CAD700 million in equity and was on the verge of commencing deep sea mining in the territorial waters of Papua New Guinea before its funding ran out. It has subsidiaries in numerous jurisdictions, including Australia, Singapore, Papua New Guinea and Tonga, and, through subsidiaries, holds interests in a number of offshore mining permits and licences, as well as equipment and intellectual property. The CCAA proceedings were initiated with the support of the companies’ only secured creditor, Deep Sea Mining Finance Ltd., which has made an interim lending facility available to the companies to fund their restructuring process, including a sale and investment solicitation process.