Subsea World News reported that the Toronto-based underwater mineral exploration company was unsuccessful to appeal the initial decision by TSX to delist its shares.
Nautilus’ common shares will continue to be suspended from trading on TSX until the company is delisted.
On 21 February 2019, Nautilus Minerals Inc. filed for protection from creditors under the Canadian Companies’ Creditors Arrangement Act (CCAA). It was then granted creditor protection by the Supreme Court of British Columbia.
The Court approved a sale and investment solicitation plan (SIPS) and appointed PricewaterhouseCoopers to oversee the implementation of the SISP.
As previously reported, the company is evaluating a range of alternatives to recapitalise Nautilus so that the reality of its seafloor mining projects can be achieved.
The options could include the sale of Nautilus’ polymetallic nodule business unit and its seafloor massive sulfide business unit.
Nautilus said it is not bankrupt and remains in possession and control of its business, while continuing to receive support in the form of loans from the lender.