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Last updated on April 23, 2014 at 10:50 EDT

MB Holding Company LLC (“MB”) Announces Subscription for Additional Shares of Nautilus Minerals Inc. (“Nautilus”)

August 1, 2012

OMAN, Aug. 1, 2012 /CNW/ – In accordance with regulatory requirements,
MB announced that on July 31, 2012 Mawarid Offshore Mining Ltd. (“Mawarid“), a wholly-owned subsidiary of MB, entered into a binding subscription
agreement with Nautilus (“Subscription Agreement“) providing for the subscription by Mawarid of up to 20,000,000 common
shares of Nautilus (“Nautilus Shares“) in two tranches at Cdn.$0.90 per share. The subscription under the
Subscription Agreement is part of a larger offering by Nautilus of
approximately 37,700,000 Nautilus Shares (the “Offering“).

Subject to the terms and conditions of the Subscription Agreement,
Mawarid will purchase on completion of the first tranche of the
Offering (August 3, 2012), such number of Nautilus Shares as will
result in it, together with its affiliates, beneficially owning 9.99%
of the outstanding Nautilus Shares. Nautilus advises that the
subscription by Mawarid on completion of the first tranche of the
Offering will be for 1,566,189 Nautilus Shares.

Subject to the terms and conditions of the Subscription Agreement, on
completion of the second tranche of the Offering (to be the date that
is five business days after the date the Toronto Stock Exchange
approves the personal information form filed by Mawarid, provided that
approval is obtained no later than October 31, 2012), Mawarid will
acquire the lesser of (i) such number of Nautilus Shares which, when
aggregated with the Nautilus Shares purchased by Mawarid under the
first tranche of the Offering, equals 20,000,000; and (ii) such number
of Nautilus Shares which, when aggregated with Nautilus Shares
beneficially owned or controlled by Mawarid and its affiliates, equals
19.99% of the outstanding Nautilus Shares. Nautilus advises that the
subscription by Mawarid on completion of the second tranche of the
Offering will be for 18,433,811 Nautilus Shares resulting in MB and its
affiliates beneficially owning or controlling 16.9% of the outstanding
Nautilus Shares.

The total number of Nautilus Shares beneficially owned or controlled by
MB and its affiliates as of the date hereof is 19,636,897, which number
represents approximately 9.99% of the outstanding Nautilus Shares
(based on 196,424,741 outstanding shares of Nautilus as at the date
hereof, as advised by Nautilus).

The additional Nautilus Shares are being 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


Source: PR Newswire