Petaquilla Minerals Enters US$140 Million Loan Facility
Petaquilla Minerals Ltd. (PTQ.TO) reports that it has received and accepted an indicative term sheet for a loan facility from Red Kite Mine Finance Trust I. Red Kite has offered to provide Petaquilla with a loan facility for an aggregate US$140,0000,000 for the development, construction and working capital requirements of Petaquilla's projects in Panama and Iberia.
Closing of the Loan facility, which is expected to occur on or about January 15, 2013, is subject to customary due diligence, regulatory approvals and final legal documentation reflecting the terms of the term sheet.
An initial tranche of US$90,000,000 will be available to the company upon closing, with the subsequent US$50,000,000 to be released based on technical milestones, namely updated National Instrument 43-101 resource estimates on either of the Company's two projects, Panama or Spain.
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