We have been following Nautilus Mineral for some time. As a quick recap, they are the company that is actively pursuing the mining of massive sulfide deposits, i.e. hydrothermal vent chimneys, from the seafloor particularly off of Papua New Guinea. Since July their stock has taken a huge plummet from over 2.5 Canadian dollars per share to a 50 week low of 0.27 in early December. Interesting that investors are skeptical of the company’s business model.
Word on the street earlier this week was that Nautilus website was down and a hostile takeover imminent.
Then today online I see this
Toronto, Ontario, January 8, 2013 – Nautilus Minerals Inc. (the “Company” or “Nautilus”) has become aware through a news release dated January 7, 2013 that Michael Bailey, an individual, and an entity controlled by him, intend to make an unsolicited offer to purchase all of the outstanding shares of Nautilus.
Nautilus has not had any contact with Mr. Bailey or any entity controlled by him with respect to this unsolicited offer and has no prior knowledge thereof. Nautilus is therefore unable to make any determinations regarding the offer or its validity.
The Board of Directors of Nautilus will consider the unsolicited offer if and when it is formally made. Nautilus advises its shareholders not to take any action in respect of such offer, if and when made, until shareholders have received further communication from the Board of Directors of Nautilus.