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or Name

Petaquilla Minerals Ltd
Symbol PTQ
Shares Issued 236,615,875
Close 2014-12-30 C$ 0.025
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Petaquilla creates trust for Molejon mine start-up

2015-01-08 16:03 ET - News Release

Mr. Richard Fifer reports


On Oct. 20, 2014, Petaquilla Minerals Ltd. announced the filing of the company's audited annual financial statements, related management's discussion and analysis, and accompanying certifications for the 13 months ended July 31, 2014, would not be completed by the prescribed deadline of Oct. 29, 2014, for the filing of such documents.

As a result of the delay in filing the required filings, the British Columbia Securities Commission granted a management cease trade order on Oct. 30, 2014, until Dec. 29, 2014, prohibiting all trading in the securities of the company, whether directly or indirectly, by certain insiders of the company. As a result of the delay past Dec. 29, 2014, the BCSC as of Dec. 31 issued a cease trade order until the company meets its obligations of the required filings.

Petaquilla's board of directors and management confirm that they are working expeditiously to meet the company's obligations relating to the filing of the required filings and will file the required filings as soon as practically possible.

The board of directors is in the final process of creating a trust with a private Panamanian organization. The trust will have an amount of $25-million (U.S.) and will be used to provide working capital for the company. This is what's required for start-up of the Molejon mine, which, with its resources, will consolidate the company.

We seek Safe Harbor.

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