Petaquilla given ultimatum over financial statements

 The mining company also faces the loss of its concession in Colón.


The Toronto Stock Exchange has warned the Canadian mining company Petaquilla Minerals, which operates a gold mine in Donoso, Colón, that it will face future sanctions if it does not provide financial information for the 2013-14 fiscal year.

The company faces a March 2 deadline to provide the documents or face being removed from the exchange. The trading of the company's shares was suspended in December due to the failure to provide the documents.

Jorge Obón, spokesman for Petaquilla, indicated that it is currently working on a restructuring and that the company received a loan for $25 million from Baseline Financial Group, a Panamanian private fund.

The money will allow the company to pay $5 million in salary and benefits owed to its employees. Obón said that mining will continue at Donoso regardless of the decision by Canadian regulators.

That may depend on a decision by the Ministry of Commerce and Industry, which notified Petaquilla in January that it had six months to resolve its financial issues or face losing the concession it was granted in 1997.

Petaquilla has said that the gold deposits at the site are worth more than $250 million.



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