Panama Miner Lands Convertible Debt

Panama Miner Lands Convertible Debt

Panama

Petaquilla Minerals, which operates the Molejon gold project in Panama, has issued $40m in convertible senior secured notes. Each $1,000 note is convertible into common shares at CAD2.25 per share. The notes carry a rate of 15%. The first 12 months of interest will be prepaid in full at the time of issuance of the note. A Petaquilla spokesman says that it is up to noteholders to decide when and if they want to convert into stock. He adds that the convertible was the company’s only option to

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