Nautilus Minerals Inc. said Dec. 14 that it closed its previously announced private placement to raise an aggregate US$2 million.

The private placement forms part of the financing agreement worth up to US$20 million with Mawarid Offshore Mining Ltd. and Metalloinvest Holding (Cyprus) Ltd. The company issued 15,539,080 common shares at 17.4 Canadian cents per share, allocated equally to two investors.