The DSMF will try to leverage international expertise and financial relationships of Nautilus’ two major shareholders to assist in advancing the development of the Solwara 1 project.
Mark Horn will lead DSMF, a newly-incorporated private company in the British Virgin Islands.
It intends to be 50 per cent owned by:
USM Finance Ltd, a wholly owned subsidiary of USM Holdings Ltd, an affiliate of Metalloinvest Holding (Cyprus) Limited; and,
Mawarid Offshore Mining Ltd, a wholly-owned subsidiary of MB Holding Company LLC.
DSMF has been appointed as the company’s exclusive financial adviser in respect of the remaining project financing of up to US$350 million (K1.09 billion) to complete the development of the Solwara 1 project.
The company may terminate DSMF’s exclusivity rights under the agreement if it fails to arrange binding commitments in respect of financings of at least US$50 million (K156.32 million) by Dec 4 this year.