Petaquilla Minerals Ltd.
OTC Bulletin Board : PTQMF

Petaquilla Minerals Ltd.

June 04, 2007 18:00 ET

Petaquilla Minerals Ltd.: Petaquilla Copper Ltd. Closes Fourth Tranche of Private Placement Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 4, 2007) - Petaquilla Minerals Ltd. (TSX:PTQ)(OTCBB:PTQMF)(FRANKFURT:P7Z) (the "Company"), as the largest single shareholder of Petaquilla Copper Ltd. ("Copper"), is pleased to announce that Copper has closed the fourth tranche of its non-brokered private placement (the "Private Placement"), issuing a total of 10,633,700 Units at a price of $2.00 per Unit and raising gross proceeds of $21,267,400.

Each Unit consists of one common share and one-half of one common share purchase warrant, with each whole warrant exercisable into a common share of Copper at a price of $3.50 per share for a period of five years from closing, subject to certain accelerated expiry provisions.

The closing date of the fourth tranche was June 1, 2007, and all securities issued under the Private Placement are subject to a four-month and a day resale restriction that remains in effect until October 2, 2007. In connection with the fourth tranche, Copper has paid a cash commission and advisory fee of 5%, equal to $1,056,320. Copper has also issued 512,635 advisory warrants and 15,525 broker warrants. Each advisory and broker warrant will be exercisable into a common share at the price of $3.50 per share for a period of five years from closing, subject to certain accelerated expiry provisions.

Copper had previously stated its intention to raise a total of $40,000,000 through the Private Placement of 20,000,000 Units. To date, Copper has surpassed its original goal and has raised $61,013,718 from the Private Placement of 30,506,859 Units.

The proceeds of the Private Placement will be used for working capital and to advance the Petaquilla Copper Project in Panama.

The Company presently holds 22,189,434 million shares in the capital of Copper.

About Petaquilla Minerals and Petaquilla Copper - Petaquilla Minerals Ltd. ("PTQ") is a British Columbia company which entered into a Plan of Arrangement with Petaquilla Copper Ltd. ("Copper") pursuant to which PTQ transferred to Copper an indirect 52% equity interest in Minera Petaquilla S.A. The Plan of Arrangement became effective on October 18, 2006. Copper is in the process of applying for a listing on a major Canadian Stock Exchange.

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

Richard Fifer, President and Chief Executive Officer

No stock exchange has approved or disapproved the information contained herein.

Contact Information

  • Petaquilla Minerals Ltd.
    Richard Fifer
    President and Chief Executive Officer
    (604) 694-0021 or Toll Free: 1-877-694-0021
    (604) 694-0063 (FAX)