VANCOUVER (CP) -- Gazmetall, which invests mostly in mining firms, said in a release Thursday that it bought 32.7 million Nautilus shares as part of an agreement with the company signed in June 2007. The shares were transferred on Wednesday.
"The Nautilus shares were acquired for investment purposes only and not for the purpose of exercising control or direction over Nautilus," the release states.
"At the moment, Gazmetall has no future intention to acquire ownership or control over or additional securities of Nautilus. Gazmetall does not exclude that in the future it may wish to increase its stake in Nautilus and participate in the management of Nautilus."
Nautilus shares fell five per cent, or eight cents to $1.47 on the Toronto Stock Exchange Thursday. The shares have a 52-week trading range of $1.32 to $4.49. The shares were worth more than $7 in late 2006.
Nautilus, which explores the ocean floor for gold and copper, is aiming for production by late 2010.
Its main focus is the Solwara site in the territorial waters of Papua New Guinea in the western Pacific.
(c) The Canadian Press 2008