TORONTO, Dec. 21, 2017 (GLOBE NEWSWIRE) -- PetroMaroc Corporation plc (TSXV:PMA) (the "Company" or "PetroMaroc") announces that it has received notice from Guangxi S.A. (""Guangxi") to convert all of the Cdn $2,820,000 principal amount owing under the Series 1, 10% secured convertible redeemable debenture (the "Debenture") issued on December 31, 2016. The Debenture bears interest at the rate of 10% per annum and is convertible, at the option of the holder, into ordinary shares ("Common Shares") of the Company at a conversion price equal to Cdn $0.06 per share in the first 12 months of the term (January 1, 2017 to December 31, 2017). Accordingly, the Company has issued 47,000,000 Common Shares to Guangxi at a price of $0.06 per share.
Immediately prior to the conversion of the Debenture, Guangxi owned nil Shares in PetroMaroc. Guangxi now owns or has control of 47,000,000 Common Shares of PetroMaroc, or approximately 30.16% of the current issued and outstanding Common Shares of PetroMaroc. The Common Shares issued pursuant to the conversion of the Debenture will be subject to a statutory four month and one day hold period.
About PetroMaroc
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.
Additional information about the Company is available on the PetroMaroc website at www.petromaroc.co or under the Company's SEDAR profile at www.sedar.com.
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
Martin Arch
Chief Financial Officer
+44 (0) 7722 491084