Nautilus Minerals Inc. has announced that, effective March 29, 2019, four of Nautilus’ five directors have resigned. Mr. John McCoach has also resigned as the Company’s Chief Executive Officer. Mr. Tariq Al Barwani remains a director of Nautilus and has appointed the Company’s CFO, Mr. Glenn Withers, as Managing Director of Nautilus.
As previously disclosed on March 28, 2019, the Company will be delisted from the Toronto Stock Exchange (TSX) effective April 3, 2019. Also, Nautilus filed for, and was granted, creditor protection under the Companies’ Creditors Arrangement Act by the Supreme Court of British Columbia. The court approved a sale and investment solicitation plan (SISP). The SISP had been prepared with input from PricewaterhouseCoopers Inc, the court appointed Monitor of Nautilus Minerals.
Nautilus Minerals will report on the outcome of the SSIP in late June or early July, 2019. The Monitor will file periodic reports with the Court; they can be viewed here.