TORONTO, Canada, February 6, 2018. PetroMaroc Corporation plc (TSXV: PMA) (the “Company” or “PetroMaroc”) announces that it has paid in full the outstanding obligations owing by the Company under the Series 1, 10% secured convertible redeemable debentures (the “Series 1 Debentures”) and the Series 2, 15% secured redeemable debentures (the “Series 2 Debentures”, and collectively with the Series 1 Debentures, the “Debentures”) of the Company which were issued on December 31, 2016. The aggregate principal and accrued interest owing under the Debentures on January 31, 2018 (the “Maturity Date”) was Cdn $9,783,218, comprised of Cdn $2,425,866 in respect of the Series 1 Debentures and Cdn $7,357,352 in respect of the Series 2 Debentures. The Company satisfied the obligations owing under the Debentures by transferring to the holders of the Debentures an aggregate of 11,284,801 ordinary shares of Sound Energy plc, and a cash payment of Cdn $272,729. The Company now holds 4,658,705 Sound Energy plc ordinary shares.
PetroMaroc Corporation plc is an independent oil and gas exploration company. PetroMaroc holds a substantial share position in Sound Energy plc, and net profit interests in the Sidi Moktar licence (onshore Morocco), as a committed long-term partner to unlock the hydrocarbon potential of the Essaouira region. PetroMaroc is a public company and its common shares are listed on the TSX Venture Exchange under the symbol PMA.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
PetroMaroc Corporation plc
Chief Financial Officer
+44 (0) 7722 491084