BUSINESS

Petaquilla gets $25 million loan

The money will allow the company to resume operations at its gold mine in Colón.

Temas:

Petaquilla Minerals has received a $25 million loan to pay off debts and resume operations at its gold mine in Donoso, Colón.

In a note sent to the Canadian Securities Commission, the mining company reported that it reached an agreement for financing with the Panamanian investment fund Baseline Financial Group.

The agreement establishes that, once mining resumes on Feb. 1, the firm will receive 40 percent of the proceeds.

The company will use $10 million of the loan to pay workers back wages and cancel a debt with Social Security for unpaid benefits.

Once operations resume, the remainder of the money will be distributed among company shareholders.

Jorge Obón, a spokesman for Petaquilla, indicated that the agreement does not involve the purchase of a portion of the equity capital of the mining company, and said the relationship between the two entities will end once the loan is repaid.

The Canadian mining company began operations in 2009, but work was halted in December 2013 due to financial issues.

On Dec. 31, 2014, the Toronto Stock Exchange suspended the trading of company shares due to its failure to publish required financial documents.

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