Petaquilla Minerals Ltd. (the "Company")
(TSX:PTQ - News)(OTC.BB:PTQMF - News)(Frankfurt:P7Z - News) announces that
the Company's shareholders have approved the previously announced
non-brokered private placement offering of 16,000,000 units and 16,000,000
subscription receipts.
Each subscription receipt will now be
converted into one unit consisting of one common share and one common share
purchase warrant, entitling the holder to purchase one additional common
share of the Company for a period of three years at a price of $1.45 Canadian
per share. The warrants contain an expiry acceleration provision as detailed
in the Company's news release of December 21, 2010.
All securities distributed in this
private placement are subject to a hold period expiring four months plus one
day after the date of issue of the relevant subscription receipts.
In connection with the closing of the
private placement of subscription receipts, the Company will issue finders'
options of 779,934 and finders' fees of $779,934 Canadian. Each finder's
option will entitle the holder to acquire one unit at a price of $1.00
Canadian per unit for a period of three years from closing of the private
placement.
As mentioned in the Company's news
release of January 10, 2011, the closing of the private placement and the
subsequent settlement of notes will allow the Company to focus efforts on the
implementation of its strategic priorities, namely developing additional
ounces at the Molejon gold deposit, advancing the Molejon heap leach project, accelerating exploration work
on the Petaquilla Mining District and advancing the
spin-out of its infrastructure subsidiary, Panamanian Development and
Infrastructure Ltd.
About Petaquilla
Minerals Ltd. - Petaquilla Minerals Ltd. is a gold
producer operating its gold processing plant at its 100% owned Molejon Gold Project in Panama. The Molejon
mine site is located in the south central area of the Company's 100% owned
842 square kilometre concession lands, a region
known historically for gold content.
On behalf of the Board of Directors of
PETAQUILLA MINERALS LTD.
Joao C. Manuel, Chief Executive Officer
No stock exchange has approved or
disapproved the information contained herein.
Contact:
Contacts:
Petaquilla Minerals Ltd.
Joao C. Manuel
Chief Executive Officer
(604) 694-0021 or Toll free: 1-877-694-0021
(604) 694-0063 (FAX)
www.petaquilla.com
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