In a press release, the company explains that the funds will also be used for exploring the “Oro del Norte” concession, also located in Panama, and for working capital.

From the PR: “Petaquilla Minerals Ltd. (the "Company") (TSX: PTQ)(OTCBB: PTQMF)(FRANKFURT: P7Z) is pleased to announce that, subject to all applicable regulatory approvals, it has negotiated a non-brokered private placement of 19,750,000 Units at a price of Canadian $0.60 per Unit for gross proceeds of Canadian $11,850,000. Each Unit will consist of one common share and one-half of one common share purchase warrant, whereby each full warrant shall entitle the holder to purchase one additional common share of the Company for a period of two years from closing at an exercise price of Canadian $0.85 per share.”

Source: CNNMoney.Com

More on this topic

Panama: New Manager for Molejón Mine

February 2015

As part of the restructuring process to reactivate the operation in the gold mine, Petaquilla Mineras has appointed Arenisca Properties S.A. to manage works at the mine.

The company Arenisca Properties S.A., responsible for reviving the mining operation, "... Is a shared partnership between Petaquilla Minerals and the investment fund Baseline Financial Group.

Inmet Mining and Petaquilla War Goes On

September 2012

Panama's government has rejected a request to reject exploration permits and mining operations at the San Juan area.

Inmet Mining asked the Department of Mineral Resources of Panama to reject all applications for exploration and exploitation of mineral concessions affecting Minera Panama, a subsidiary of Inmet Mining.

Panama: $11.5 Million for Gold Mine

December 2009

Canadian corporation Petaquilla Minerals, owner of the gold Mine Molejón, placed shares for $11.5 million.

In a press release, Petaquilla announced it has negotiated a non-brokered private placement of 24.000.000 common shares at a price of Canadian $0.50 per share ($0.48) for gross proceeds of Canadian $12.000.000 ($11.510.00).

Panamanian Gold Mine Secures $40 million

March 2009

The company Petaquilla Minerals Ltd, which operates the Molejón project, placed $40 million in private debt.

According to a release by the company, part of this placement will be used for financial readjustments and the remainder will be used in the mining project operation and as working capital.