Vancouver mining giant Teck Cominco Ltd. (TSX:TCK) has increased its stake in Nautilus Minerals Inc. (TSX:NUS) by exercising three million warrants valued at US$5 each.
The US$15 million deal increases Teck Cominco's investment in the Vancouver company to US$52 million following US$37 million in funding provided in the past few months.
Teck and Nautilus are exploring for minerals under the seafloor in areas around Papua New Guinea, Tonga and New Zealand.
Nautilus is the first company to commercially explore the ocean floor for gold and copper. Aside from Teck Cominco, its major investors include Epion and Anglo American plc.
Nautilus' share price range during the past week: between $3.88 and $4.05; 52-week high: $6; 52-week low: $2.60.