Petaquilla Copper Ltd.: Petaquilla Copper Ltd. Closes Third Tranche of Private Placement Financing
Petaquilla Copper Ltd. Closes Third Tranche of Private Placement Financing VANCOUVER, BRITISH COLUMBIA — (MARKET WIRE) — May 18, 2007 — Petaquilla Copper Ltd. (”the “Company”) announces that it has closed the third tranche of its non-brokered private placement (the “Private Placement”),
issuing a total of 11,711,359 Units at a price of $2.00 per Unit and raising gross proceeds of $23,422,718.
Each Unit consists of one common share and one-half of one common share purchase warrant, with each whole warrant exercisable into a common share at a price of $3.50 per share for a period of five years, subject to certain accelerated expiry provisions, following closing of the third tranche of the Private Placement.
The closing date of the third tranche was May 18, 2007, and all securities issued under the Private Placement are subject to a four-month and a day resale restriction that remains in effect until September 19, 2007. In connection with the third tranche, the Company has paid a finder’s fee of $505,000.
The Company had previously stated its intention to raise a total of $40,000,000 through the Private Placement of 20,000,000 Units. To date, the Company has raised $39,746,318 from the Private Placement. Therefore, the closing of subsequent tranches will follow.
The proceeds of the Private Placement will be used for working capital and to advance the Petaquilla Copper Project in Panama.
About Petaquilla Copper Ltd. - Petaquilla Copper Ltd. (”Copper”) is a British Columbia company which entered into a Plan of Arrangement with Petaquilla Minerals Ltd. (”PTQ”) pursuant to which PTQ transferred to Copper an indirect 52% equity interest in Minera Petaquilla S.A. The Plan of Arrangement became effective on October 18, 2006. Copper is in the process of applying for a listing on a major Canadian Stock Exchange.
On behalf of the Board of Directors of PETAQUILLA COPPER LTD.
John Cook, President and Director
No Stock Exchange has approved or disapproved the information contained herein.
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