St. Louis, July 10 - Petaquilla Minerals Ltd. announced Thursday that it closed the final tranche of its 15% five-year senior secured notes financing, issuing a total of 17,750 units and generating proceeds of $17.75 million.
Casimir Capital LP was the placement agent.
Each unit consists of one senior secured note in the amount of $1,000 and warrants to purchase 382 common shares of the company.
The notes will be guaranteed by all the assets of the company and of the company's five wholly owned subsidiaries: Adrian Resources (BVI) Ltd., Petaquilla Minerals SA, Petaquilla Gold SA, Compania Minera Belencillo SA, Petaquilla Infraestructura SA and Aqua Azure SA.
Each warrant entitles the holder to purchase one common share at an initial exercise price of C$2.30 per warrant share for a period of five years from closing.
The warrants contain weighted average anti-dilution price protection with a floor equivalent to C$2.15. The company may require the early exercise of the warrants if the volume weighted average trading price of the common shares of the company on the Toronto Stock Exchange exceeds C$6.00 per share for 20 consecutive trading days, with a 50,000 average trading volume.
Proceeds will be used for the completion of the Molejon Gold Plant in Panama and for working capital.
Petaquilla Minerals Ltd. is a Vancouver, B.C.-based gold producer.
| Issuer: | Petaquilla Minerals Ltd.
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| Amount: | $17.75 million
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| Securities: | Units of one senior secured note in the amount of $1,000 and warrants to purchase 382 common shares of the company
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| Placement agent: | Casimir Capital LP
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| Distribution: | Regulation S
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| Settlement date: | July 10
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| Notes
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| Maturity: | Five years
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| Description: | Senior secured notes
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| Coupon: | 15%
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| Call: | At any time for 120%
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| Put: | After two years at 120%
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|
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| Warrants
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| Warrants: | For 382 common shares per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | C$2.30 per share
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