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Petaquilla agrees trust of $25 million company to exit afloat
Saturday January 3 2015 - 12:00 a.m.
in conjunction with the Canadian authorities, from the January 1, the action will not be marketed until it comes under the state financial
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Jessica Tasone the Abbey
jtason@laestrella.com.pa
Petaquilla gold reported that it is now in the process of setting up a trust fund with a financial group of national capital in the amount of $25 million, which will be established this month of January.
In a communiqué, Petaquilla gold cautioned that this information had been supplied the last December 22 the central Government, through letter addressed to the regent authority of this activity, the Ministry of Commerce and Industry (MITI).
Once established this trust shall be to meet the money required to restore the liquidity and reactivating operations of the mining project. 'It is in the interests of the company clean up in the first instance, the labor debt', the statement said.
In another point clarifies that the company has received an extension of one month from the last December 29, to submit their financial statements to the Stock Exchange. The extension was granted due to sanitation than the company is engaged in regard to their finances.
In conjunction with the Canadian authorities, from the January 1, the action will not be marketed until it comes under the financial statement.
The company's press release is after the Government of Panama initiate the procedure for revoking the concession to Petquilla Gold, due to a breach of'payment of the share of social security to their workers.
