Petaquilla Minerals Ltd.
OTC Bulletin Board : PTQMF

Petaquilla Minerals Ltd.

December 14, 2009 09:25 ET

Petaquilla Minerals Ltd. Closes Private Placement Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 14, 2009) - Petaquilla Minerals Ltd. (the "Company") (TSX:PTQ)(OTCBB:PTQMF)(FRANKFURT:P7Z) announces that the Company has closed its previously announced non-brokered private placement of 24,000,000 common shares (the "Shares") at a price of $0.50 per Share, raising gross proceeds of C$12,000,000. The securities distributed under the private placement are subject to a four-month plus one day hold period expiring on April 11, 2010.

The proceeds from the private placement will be used for repayment of debt and further development of the Company's 100% owned Molejon gold mine in Panama.

In connection with the closing of the private placement, the Company has paid finders' fees in the amount of $600,000 cash.

The securities sold have not, nor will they be registered under the United States Securities Act of 1933, as amended or applicable state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of a U.S. person, as such term is defined in Regulation S under the U.S. Securities Act, other than through registration or an applicable exemption from U.S. federal and state registration requirements. This release does not constitute an offer for sale of securities in the United States.

About Petaquilla Minerals Ltd. - Petaquilla Minerals Ltd. is an emerging gold producer commissioning the operation of its gold processing plant at its 100% owned Molejon gold Project. Anticipated throughput for the project during the first year of commercial production is estimated to be 2200 tonnes per day. The plant utilizes three ball mills and a carbon-in-pulp processing facility.

On behalf of the Board of Directors of PETAQUILLA MINERALS LTD.

Joao C. Manuelm, President and Chief Executive Officer

No Stock Exchange has approved or disapproved the information contained herein.

Contact Information

  • Petaquilla Minerals Ltd.
    Joao C. Manuel
    President and Chief Executive Officer
    (604) 694-0021 or Toll-free: 1 (877) 694-0021
    (604) 694-0063 (FAX)