NEW YORK, May 6, 2016
/CNW/ -- Loews Corporation (NYSE: L) announced that on
April 8, 2016 it acquired 34,972,795 common shares of
Nautilus Mineral Inc. ("Nautilus") (TSX: NUS, OTCQX: NUSMF)
in a rights offering at a price of CAD$0.15 per share, for an aggregate purchase
price of CAD$5,245,919.25. The shares
acquired in the rights offering represented approximately 5.52% of
the issued and outstanding common shares of Nautilus and increased
Loews's participation in the share capital of Nautilus to
approximately 10.01%. Subsequently, Loews disposed of ownership and
control of a number of common shares of Nautilus such that its
participation in the share capital of Nautilus has been reduced
below 10%. The shares were disposed of through the facilities
of the Toronto Stock Exchange.
The foregoing transactions in common shares of Nautilus by Loews
Corporation were made for investment purposes only, and Loews
Corporation may from time to time acquire or dispose ownership of,
or control or direction over, additional securities of Nautilus for
investment purposes.
This news release is being issued under the early warning
provisions of Canadian provincial securities legislation. Loews
Corporation has filed an early warning report in respect of the
disposition and acquisition of the shares on SEDAR under Nautilus's
company profile.
About Loews Corporation
Loews Corporation is a diversified company with three
publicly-traded subsidiaries: CNA Financial
Corporation (NYSE: CNA), Diamond Offshore Drilling,
Inc. (NYSE: DO) and Boardwalk Pipeline Partners,
LP (NYSE: BWP); and one wholly owned subsidiary, Loews Hotels
& Resorts. For more information please visit
www.loews.com.
SOURCE Loews Corporation