Petaquilla Minerals Down 4% as Plans for Panamanian Development Spinoff
Petaquilla Minerals Ltd. (PTQ.TO) is off about 4% this afternoon, sliding 3 cents to its low for the day at 67 cents a share after saying it has hired the law firm of Blake, Cassels & Graydon LLP to assist the company with the proposed spinout of its Panamanian Development and Infrastructure Ltd.
Petaquilla said it expects the spinout will be completed by way of a statutory Plan of Arrangement. Under a Plan of Arrangement, the Company will be seeking preliminary approval from the British Columbia Supreme Court followed by shareholder approval and final court approval.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.