VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 25, 2014) - Further to its news release of October 1, 2014, Petaquilla Minerals Ltd. (TSX:PTQ)(OTCBB:PTQMF)(FRANKFURT:P7Z) ("Petaquilla" or the "Company") announces that closing of the bridge loan expected last month has been delayed due to issues that arose during due diligence. As a result, the Company is pursuing alternative financing arrangements.
In addition, further to its news releases of October 20, 2014, and November 13, 2014, the Company provides this second biweekly default status report in accordance with the alternative information guidelines in National Policy 12-203, Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203").
On October 20, 2014, the Company announced the filing of the Company's audited annual financial statements, related management's discussion and analysis and accompanying certifications for the 13-months ended July 31, 2014 (collectively, the "Required Filings"), would not be completed by the prescribed deadline of October 29, 2014, for the filing of such documents (the "Default Announcement").
As a result of the delay in filing the Required Filings, the British Columbia Securities Commission (the "BCSC") granted a management cease trade order (the "MCTO") on October 30, 2014, prohibiting all trading in the securities of the Company, whether directly or indirectly, by certain insiders of the Company until such time as the Required Filings have been filed by the Company and the MCTO revoked by the BCSC. The MCTO does not affect the ability of shareholders who are not insiders of Petaquilla to trade their securities.
Petaquilla's Board of Directors and management confirm that they are working expeditiously to meet the Company's obligations relating to the filing of the Required Filings no later than December 29, 2014.
Pursuant to the provisions of the alternative information guidelines of NP 12-203, the Company reports that since the Default Announcement:
-- There have been no material changes to the information contained in the
Default Announcement;
-- There have been no failures by the Company to fulfil its stated
intentions with respect to satisfying the provisions of the alternative
reporting guidelines;
-- There has not been any specified default subsequent to the default which
is the subject of the Default Announcement; however, the Company, if
unable to file the Required Filings by December 15, 2014, will also
become delinquent in filing its interim financial statements for the 3-
months ended October 31, 2014; and
-- There is no other material information respecting the Company's affairs
that has not been generally disclosed.
Until the Required Filings are filed, the Company intends to continue to satisfy the provisions of the alternative information guidelines of NP 12-203 by issuing biweekly default status reports, each of which will be issued in the form of a news release and also filed on SEDAR. The Company expects to file its next default status report on or about December 10, 2014.
About Petaquilla Minerals Ltd. - Petaquilla is a growing, diversified gold producer committed to maximizing shareholder value through a strategy of efficient production, targeted exploration and select acquisitions. The Company operates a surface gold processing plant at its Molejon Gold Project, located in the south central area of Panama. In addition, the Company has exploration operations at its wholly-owned Lomero-Poyatos project located in the northeast part of the Spanish/Portuguese (Iberian) Pyrite Belt and several other exploration licenses in Iberia.
Forward-Looking Statements: Certain statements contained in this press release constitute forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and "confident" and similar expressions are intended to identify forward-looking statements. Petaquilla believes that the expectations reflected in these forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in, or incorporated by reference into, this press release should not be unduly relied upon. These statements speak only as of the date of this press release. Petaquilla undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
On behalf of the Board of Directors of PETAQUILLA MINERALS LTD.
Richard Fifer, Executive Chairman
NO STOCK EXCHANGE HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.