TORONTO, ONTARIO -- (Marketwired) -- 09/30/16 -- PetroMaroc Corporation plc (TSX VENTURE: PMA), an independent oil and gas company focused on Morocco (the "Company" or "PetroMaroc"), is pleased to announce it has executed an amending agreement with its secured debenture holders, to extend the maturity date of the Cdn $11.09 million principal amount of secured debentures (the "Debentures"), from September 30, 2016, to December 31, 2016 (the "Maturity Date"). The total amount of the principal (Cdn $11.09 million) and an aggregate amount of accrued interest/waiver fees (Cdn $3.85 million) due and payable at September 30, 2016 (total: Cdn $14.94 million) shall accrue interest at the rate of 15% per annum for the period commencing from September 30, 2016 until the Maturity Date and is calculated to be Cdn $0.55 million. Thus, the total amount due and payable on the Maturity Date shall total Cdn $15.49 million.
PetroMaroc is also pleased to announce that the holder of the Cdn $0.4 million principal amount unsecured loan has agreed to extend the maturity date of the loan to December 31, 2016. The interest rate for the extension period of May 1, 2016 to December 31, 2016 will be calculated at the rate of 15% per annum. The total amount due and payable on maturity at December 31, 2016 shall total Cdn $0.48 million. For terms of the loan, please refer to the Company's press release dated June 5, 2015 available on SEDAR at www.sedar.com under the Company's profile.
About PetroMaroc
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 and 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.
Contacts:
PetroMaroc Corporation plc
Martin Arch
Chief Financial Officer
+44 203 137 7756
