Nautilus MineralsInc. said April 8 that its plannedrights issue to raise C$103 million has received proceeds of about C$28.3million after closing, representing a take-up of approximately 27%.

The company filed a prospectus earlier in February to offer 686,666,666common shares priced at 15 Canadian cents each, and about 188,425,531 shares weresubscribed for.

Nautilus is considering various alternative sources of financingand has commenced discussions with various parties to explore its financing options.

Proceeds will be used to advance the construction and developmentof its seafloor production system for its 85%-owned Solwara 1 copper-gold-silver project in Papua NewGuinea, and for general working capital requirements.