Nautilus Minerals Inc, which hopes to develop the world's first underwater copper-gold mine off Papua New Guinea, said it has had no contact with a little-known investor who announced a hostile C$238 million ($241 million) takeover bid for the company but would consider a formal offer. Michael Bailey plans to offer 97 Canadian cents per share for Nautilus, according to a statement released by boutique financial advisory firm Gannibal Securities on Monday.()The offer, which helped push up Nautilus's stock price by 25 percent, represents a premium of 67 percent to Nautilus's closing stock price of 58 cents on Monday.The statement did not say how Bailey would fund the bid.Nautilus said on Tuesday it became aware of the offer only through the statement from Gannibal, which said it was advising Bailey, and could not make any determinations about its validity.
Nautilus Minerals Inc. (Nautilus) is engaged in the exploration and development of the ocean floor for copper and gold rich seafloor sulphide deposits. Shares of NUS remained unchanged at $0.58. In the past year, the shares have traded as low as $0.27 and as high as $2.90. On average, 344421 shares of NUS.TO exchange hands on a given day and today's volume is recorded at 0.