Despite having $51.3-million in its coffers as at the end of June, marine mining pioneer Nautilus Minerals on Monday announced that it would implement several measures aimed at preserving the company’s capital position while it sought to secure further project financing.
The TSX-listed company advised that following a review of all aspects of its business, it was reducing the workforce, terminating contracts for the construction of any seafloor production equipment that was in the early stages of development and that it would not enter into any new construction contracts until it could source additional funding.
