Petaquilla slashes $2.30 warrant exercise to 65 cePetaquilla slashes $2.30 warrant exercise to 65 cents
2009-04-02 17:11 ET - News Release
Mr. Richard Fifer reports
PETAQUILLA ANNOUNCES WARRANTS TO BE RE-PRICED IN CONNECTION WITH PREVIOUSLY ISSUED SENIOR SECURED NOTES
Petaquilla Minerals Ltd., further to its news in Stockwatch dated March 30, 2009, and subject to regulatory acceptance, in connection with a secured note financing that closed in three tranches on May 21, 2008, June 4, 2008, and July 9, 2008, has agreed to reduce the exercise price of 23,836,800 share purchase warrants from $2.30 per share to 65 cents per share provided that under the revised terms, if the common shares of the company trade at a weighted average trading price of $1.00 or more per share for 30 consecutive trading days, the holders of the warrants must exercise the warrants within 30 days.
As the financing was closed in three tranches, the expiry dates of the warrants are May 21, 2013, June 4, 2013, and July 9, 2013. All other terms of the warrants remain the same and the repricing will take effect on April 17, 2009.
The company confirms that no warrants are held by insiders of the company.