13th Feb 2019 09:25
LONDON (Alliance News) - Nautilus Marine Services PLC on Wednesday said it has received notice from Aeterna Capital Fund II LLC to convert its USD2.4 million of loan notes into 3.9 million Nautilus shares.
Shares in offshore services company Nautilus were up 24% at 8.70 pence on Wednesday morning.
The 3.9 million shares will constitute Aeterna's entire holding in Nautilus and will represent 7.4% of Nautilus's enlarged share capital of 52.5 million shares once the conversion takes place.
In late January, Nautilus announced that it had upped its efforts to divest its Colombian oil and gas assets and expects significant cash from the deal. The company said it had received "escalating interest" from multiple parties and believed the sale would help realised cash value while eliminating operating costs and future abandonment obligations.
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