Mr. Joao Manuel reports
PETAQUILLA ANNOUNCES NORMAL COURSE ISSUER BID
Petaquilla Minerals Ltd. has filed a notice with the Toronto StockExchange for, and received its approval to make, a normal course issuerbid permitting the company to purchase up to 17 million common shares,representing approximately 9.9 per cent of its public float. The companyhas 176,429,501 shares issued and outstanding, and a public float(calculated under TSX rules) of approximately 172,129,518 shares as atJune 28, 2011.
The average daily trading volume on the TSX for the six months precedingJune 1, 2011, was 683,833 shares. Subject to the company's ability tomake block purchases under TSX rules, the daily repurchase restrictionduring the course of the NCIB is 25 per cent of the average dailytrading volume, or 170,958 shares. The company may buy back shares anytime during the 12-month period beginning on July 4, 2011, and ending onJuly 3, 2012, or on such earlier date as the company may complete itspurchases pursuant to the NCIB or provide notice of termination.
Any purchases under the NCIB will be made through the facilities of theTSX in compliance with the rules of the TSX. The company will pay themarket price, up to a maximum of $1 per share, at the time ofacquisition of shares purchased through the facilities of the TSX,subject to any restrictions under the rules of the TSX. The actualnumber of shares which may be purchased, and the timing of any suchpurchases, will be determined by the company in accordance with therules of the TSX.
The company believes that purchases under the NCIB constitute adesirable use of its funds on the basis that recent market prices of theshares do not, and at certain times during the course of the NCIB maynot, fully reflect the value of its business and future businessprospects. Shares that are purchased pursuant to the NCIB will be heldby the company, to be dealt with as its board of directors sees fit,subject to any applicable regulatory approval.
Shareholders of the company will be provided with a summary of thematerial information contained in the notice of intention to make anormal course issuer bid filed with the TSX in connection with the NCIBin the next quarterly report of the company to be mailed to shareholdersand filed on SEDAR. Shareholders may obtain a copy of the notice ofintention to make a normal course issuer bid from the company withoutcharge.
We seek Safe Harbor.