Petaquilla Minerals Ltd. (TSX:PTQ, OTCBB:PTQMF) announces that it has entered into a $140 million loan facility from Red Kite Mine Finance Trust to fund development, construction and working capital requirements of Petaquilla’s projects in Panama and Iberia.
As quoted in the press release:
With the initial US$90,000,000, the Company will be able to, among other items, proceed with the payout of its existing gold and silver prepayment contracts and convertible loan with Deutsche Bank AG London Branch, effectively freeing an average of 1,500 gold ounces monthly, or approximately US$30,000,000 annual cash flow currently committed to such contracts. The DB payout will also free Petaquilla’s infrastructure division, Panama Desarrollo de Infraestructuras, S.A. for spin-out to the shareholders during the first quarter of calendar 2013.
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