OMAN, June 12, 2013 /CNW/ - In accordance with regulatory requirements, MB announces that Mawarid Offshore Mining Ltd. ("Mawarid"), a wholly-owned subsidiary of MB, completed the acquisition of its basic subscription privilege and its standby commitment for common shares of Nautilus ("Nautilus Shares") pursuant to the standby purchase agreement entered into between Mawarid and Nautilus on March 28, 2013. Pursuant to the terms of the standby purchase agreement, on June 11, 2013, Mawarid completed the acquisition of an aggregate of 82,679,363 Nautilus Shares under Nautilus' rights offering representing approximately 41.3% of the Nautilus Shares offered under the rights offering. Of the 82,679,363 Nautilus Shares acquired by Mawarid, 33,301,836 Nautilus Shares were acquired pursuant to the basic subscription privilege and 49,377,527 Nautilus Shares were acquired pursuant to the standby commitment (as described in Nautilus' final prospectus dated April 15, 2013), resulting in MB and its affiliates beneficially owning or controlling 122,316,260 shares representing approximately 28.0% of the outstanding Nautilus Shares (based on 436,772,865 outstanding Nautilus Shares as at the date hereof, as advised by Nautilus). The Nautilus Shares acquired by Mawarid pursuant to the rights offering resulted in an increase of approximately 11.3% of the Nautilus Shares beneficially owned or controlled by the MB and its affiliates.
The additional Nautilus Shares were acquired for investment purposes only. Depending upon the market and other conditions, MB and its affiliates may acquire additional securities of Nautilus.
SOURCE MB Holding Company LLC