Petaquilla retires $36 million of secured notes using tender proceeds

By Jennifer Chiou

New York, Oct. 2 - Petaquilla Minerals Ltd. said it used the proceeds from the tender of Petaquilla Copper Ltd.'s common shares to repurchase a partial amount of its $60 million senior secured note financing of July 10.

The company retired $36,032,376 of the five-year notes, paying a total of $43,238,852, which includes $7,206,475 for the 20% premium payment.

Petaquilla Minerals received $43,238,852 for the 20,418,565 tendered common shares of Petaquilla Copper from 6910360 Canada Inc., a wholly owned subsidiary of Inmet Mining Corp.

The company said that $23,967,624 of notes remains outstanding.

Petaquilla Minerals is a Vancouver, B.C.-based gold producer.

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