Lying EyesWho do you trust, Mr. Fifer or your lying eyes? Where are my PDI shares I've been waiting for for five years - there at the bottom of the water in Lomero Poyatos mine shaft - Shaft, get it?
NEWS RELEASE
PTQ BOARD OF DIRECTORS APPROVES SPIN-OUT OF PETAQUILLA INFRAESTRUCTURA LTD.
Vancouver, BC – May 21, 2009: Petaquilla Minerals Ltd. (“PTQ”) intends to distribute to its shareholders one share of Petaquilla Infraestructura Ltd. (“PQI”) for each four shares of PTQ held on the record date for the distribution. It is contemplated that the distribution of the PQI shares will be effected by way of a plan of arrangement (the “Arrangement”) or some other tax-efficient mechanism. The transaction is subject to all requisite shareholder and regulatory approvals, and is expected to complete in the third quarter of 2009.
PQI is a British Virgin Islands corporation that was incorporated for the purpose of overseeing the construction, operation and management of infrastructure facilities required for the development of the Petaquilla Mining District in Panama. Its activities are organized around three development axes, corresponding to a portfolio of projects currently in progress:
Construction
• Roads and Infrastructure • Housing Products • Water treatment facilities
Power
• Generation (thermal and hydro) • Transmission
Mining Services
• Heavy Equipment Fleet Management • Mining and Blasting • Mine and Civil Construction • Laboratory Services
• Environmental Controls • Security
PQI is pleased to announce a private placement subscription of two million (2,000,000) shares at CAD $1.00 arranged through its agent in New York. After the closing of the private placement, PQI will have 52 million shares issued and outstanding and CAD $2 million in the treasury, less commission and fees associated with the private placement. After the closing of the private placement and the completion of the Arrangement, PTQ will retain between 12% and 23% of the issued shares of PQI and the shareholders of PTQ will hold between 47% and 58% of the issued shares of PQI depending on the number of warrants and options that get exercised prior to the record date.
PTQ also announces the sale of 28% of its wholly-owned subsidiary PQI.