TORONTO, Ontario(Marketwired)- PetroMaroc Corporation plc, an independent oil and gas company focused on Morocco is pleased to announce that it has entered into a waiver and amending agreement (the “Waiver Agreement“) with all four holders (the “Debentureholders“) of the Company’s Cdn $10.7 million principal amount of debentures (Cdn $9.7 million issued on April 10, 2014, Cdn $1.0 million issued on November 10, 2015 (the “Debentures“), to extend the maturity date from April 10, 2016 to September 30, 2016 (the “Maturity Date“).
Payment of the quarterly interest payments (the “Deferred Interest Payments“) under the Debentures shall accrue from April 10, 2016, to the Maturity Date. Pursuant to the terms of the Waiver Agreement, and subject to the TSX Venture Exchange (“TSXV“) approval, the aggregate amount of all Deferred Interest Payments shall accrue interest at the previously amended annual interest rate of 15% and shall be due and owing on the Maturity Date. In consideration for entering into the Waiver Agreement, the Company has agreed to pay to the Debenture holders a fee (the “Consideration Fee“) equal to 15% of the aggregate amount of their respective Deferred Interest Payments, which Consideration Fee shall be payable on the Maturity Date, in cash. The Waiver Agreement remains subject to TSXV approval.
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”.
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