TORONTO, ONTARIO-(Marketwired - June 9, 2016) - PetroMaroc Corporation plc (TSX VENTURE:PMA) (the “Company” or “PetroMaroc“) is pleased to announce that following receipt of the TSX Venture Exchange approval, it has completed a secured, non-convertible debenture financing (the “Financing“) of Cdn $0.39 million (the “Debentures“). The Debentures mature on September 30, 2016 (the “Maturity Date“) and bears interest at a rate of 15% per annum, calculated and payable in arrears, in cash, on the Maturity Date (please see the Company’s press release dated June 1, 2016, which is available under PetroMaroc’s profile on SEDAR at www.sedar.com, for details of the Financing). No warrants have been issued, and no commission and/or finders’ fee have been paid in connection with the Financing. The Debentures are subject to a four-month hold period under Canadian securities laws from the date of issuance.
PetroMaroc is an independent oil and gas company focused on its significant land position in Morocco. The Company has a 50 percent operated interest in the Sidi Moktar licence area covering 2,683 square kilometres, which interest is subject to a sale and purchase agreement with Sound Energy plc dated 8 March 2016. PetroMaroc is working closely with Morocco’s National Office of Hydrocarbons and Mines (ONHYM) as a committed long-term partner to unlock the hydrocarbon potential of the region. Morocco offers a politically stable environment to work within and has favourable fiscal terms to energy producers. PetroMaroc is a public company 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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of PetroMaroc in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933 (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.
PetroMaroc Corporation plc
Chief Financial Officer and Secretary
+44 (0) 20 3137 7756