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Here is your answer from the most recent 6-K section 11. Looks like they will be insolvent in 9mo. You should be able to sue the ones that sold stock the week before this was released for insider trading. Somebody new at least 5 days before.
As at February 28, 2009, the Company has issued $55,940,008 (US$43,967,624) (May 31, 2008 - $31,746,900 (US$32,250,000)) of its US$60 million senior secured notes (“Notes”). The Notes bear interest at an annual rate of 15%. The Notes will mature five years from date of issuance at 120% of the principal. The Company has the right to redeem the Notes at any time at 120% of the principal amount plus any accrued or unpaid interest on the Notes. If the Notes are redeemed within one year of issuance, all prepaid interest is forfeited. After 24 months from the date of issuance of the Notes (May 21, 2010 – 16,877.202 Notes and July 9, 2010 – 27,090.422 Notes), holders of the Notes shall have the right to cause the Company to purchase all of the Notes then outstanding at a price equal to the sum of (a) 120% of the principal amount of such Notes to be purchased and (b) accrued and unpaid interest on the principal amount of the Notes. On an annual basis, the Note holders can cause the Company to redeem Notes equal to 35% of Distributable Cash. Distributable cash flow is defined as cash available after:
a)
satisfaction of the Company’s debt obligations (principal and interest);
b)
satisfaction of the Company’s general and administration expenses, capital expenditures and other expense obligations;
c)
ddeduction for income tax obligations; and
d)
retaining reasonable working capital or other reserves
Reasonable working capital and other reserves are to be defined mutually between the company and the Note holders. As of February 28, 2009 none of these has been defined.
The Company initially issued 60,000 Notes. Each Note was issued with 382 share purchase warrants. Each warrant entitles the holder to purchase one common share at CDN $2.30 for a period of five years from the date of purchase.
The warrants are subject to a weighted average anti-dilution price protection with a floor equivalent to CDN $ 2.15. On September 30, 2008 the Company redeemed 36,032.376 Notes at 120% of their principal value for a total payment of $55,012,791 (US$ 43,238,852).
--------------------------------------------------------------------------------
PETAQUILLA MINERALS LTD.
(An Exploration Stage Company)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited, expressed in Canadian Dollars)
February 28, 2009 and January 31, 2008
11.
SENIOR SECURED NOTES (continued)
On October 1, 2008, the Company issued an additional 20,000 Notes under the US$60 Million senior secured notes indenture for net proceeds of $20,197,709 (US$ 15,874,958). These Notes contain the same terms and conditions as the previous issue under the indenture with the exception of the 382 share purchase warrants. These Notes did not include any warrants.
The Notes have been accounted for in accordance with HB 3855 “Financial Instruments – Recognition and Measurement”, HB 3862 “Financial Instruments – Disclosure” and HB 3863 “Financial Instruments – Presentation”. Under this guidance, the Company valued the liability component of the Notes and assigned the difference to the warrants. On the valuation date, the value of the Notes was calculated to be $58,487,339 (US$ 58,474,937) and the amount allocated to the warrants $ 1,525,386 (US$ 1,525,063). Prepaid interest of $8,993,685 (US$ 9,000,000) was applied as a reduction of the Notes. The liability component was calculated using a discount rate of 26.65% and a maturity date of two years from issue. The senior secured notes contain embedded derivatives as a result of the call and put options. The Company is unable to fair value the embedded derivatives component separately and thus has classified the combined contract as a financial liability that is held for trading. At February 28, 2009, the Notes have been adjusted to their fair market value of $60,336,777 using a discount rate of $20.58%.
During the nine months ended February 28, 2009 the Company had incurred $4,704,153 (US$ 4,136,246) (nine month period ended January 31, 2008 – Nil) in financing costs. These costs were expensed in the period in which they were incurred in accordance with the Company’s accounting policy.
The Notes are guaranteed, on a joint and several basis, by all the assets of the Company and of the Company’s subsidiaries.
Almost 1% of O/S changed hands today and the 200day average has a good chance of being tested on the upside fairly soon.
About TT spankin Nobody'e3 monkey!!!
Was I wrong?
Why would I be jelouse of a TT like you?
By the way thanks for the shares!!! :)
My guess would be Nobody3 the looser.
I bought on the way down and I still have a pocket full of quarters. So you already lost your bet.
Yep. No more sellers down here. Will have to go up.
Here we go gold over $1100.
because a company with more than 2billion in inground resorces is worth more than 750K. However someone intentionally lowers the ask and the stock drops. So I buy and wait for everyone else to realize the same thing.
I guess nobody wants to sell me thier shares today!!!
you would think that the price of gold being way up would make the stock price go up!!! Not down.
If you wait you'll miss out on the squeeze!!! Giddyup.
Well if they ever get the mill up and running again they could just truck it in and pay Nevada rae to process it!!!
You know that has a nice ring to it. I think I will from this point on refer to Robert & Mitch as the butcher boys.
Another run? I thought we were on the same one from 2003?
I only need 50.1% of O/S.
Wrong again!!!
if it gets that low 100k will be enough.
bobby bouchet & mitchy the kid.
well if it does, you know who is fired.
Reread that 14c and see if you can figure out how many shares besides the the prefered needed to be issued. So far it's at around 9.5million. I expect them to conserve cash and pay with shares until production is iminent. If they have been working on the finacils they should be in next week. I hope:)
Here's the vidoe that sums up how screwed we are.
yea your welcome. It's about time to post the rally monkey again.
Look out!!! The rally monkey makes an appearance on yahoo buisness.
http://finance.yahoo.com/
in the video section about half way down.
You should be freaking out with the way those boys are loosing money. Of course I only looked at thier earnings for last year and they also have been going back to correct accounting errors. At least over here the bleeding has stoped for the moment.
also keep an eye on the stockastic. when it is below 30 is where most of the shares move.
I do not see a reason for them to be selling at this time. There bills are paid and they have cash in the bank. I think today that someone was forced to sell due to the selloff the last few days.
The selloff is the result of raising capital to buy the 123Billion in tresuries that are being sold this week. The result of which you see the exchange rate go up as the dollar is purchased to buy treasuries while everything else goes down. This should reverse thrs. Fri. I expect PCFG to be at or near .004 by the end of the week. with gold at $1100.
Who else baught today? Everything went on sale today. Watch gold it should be moving in the other direction. Must be a reload opportunity.
Nevermind I got it.
oops I killed the first chart. Please redo it while I get a clue as to how you did it in the first place. What was the width and hight you set for the image?
there you go. The first horizontal rule you had was way to long that is why you had the aditional scroll bars. I am still working on a way to get the charts to hold thier color scheme.
Not everyone has high resolution monitors yet. So you must build the page for 800x600 resolution.
The horizontal scroll bar is hidden until you scroll down to the bottom of that section. That is why people are having a problem.
I think the main table is the one that is giving you the problems with scrolling so make your changes to that one and the rest should fall in line.
As far as the charts this is what I was getting at.
http://stockcharts.com/c-sc/sc?s=PCFG&p=D&yr=0&mn=6&dy=0&i=t23074480719&r=3671
I do not know if the updates or not so I sent sharpcharts a note for a list of variables and values so you can build whatever you wish on the fly.
Also try to keep large images from appearing next to each other by separating them with a paragraph tag <p>text or image</p> or a <br> tag for a carrage return.
Set the width to 760px should keep you on the page. However I guess I could use the scroll bars.
that's because everyone expects a pullback here. Earnings is almost over.
I think it might be easier to just hack a defense satalite.
black background on the charts. Makes the rest of it stand out. Go to sharpcharts.com to see which settings you will need to change.
3-4 mi.
good. but those charts need some work. they still burn my eyes.