Petaquilla Minerals Climbing Again After Receiving Conditional Approval for Iberian Resources Deal
Petaquilla Minerals Ltd. (PTQ.TO) is up nearly 6% this morning, gaining for a second day after receiving conditional approval for its proposed acquistion of Iberian Resources Corp. from the Toronto Stock Exchange (TSX) earlier this week.
Petagquilla, which now mines for gold in Panama, earlier this month offered to exchange 1.3 million shares of its common stock for Iberian Resources, which operates the Lomero Poyatos mines near Seville, Spain, in the heart of the Iberian Pyrite Belt.
As a condition of its approval, the TSX will require Petaquilla to first obtain a NI 43-101-compliant technical report for Lomero Poyatos along with a formal valuation of Iberian. Petagguilla shares rose $0.02 -- or 2.5% -- to $0.85 each yesterday.
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