CALGARY, Alberta, October 30, 2014 /PRNewswire/ --
PETROMAROC CORPORATION PLC (TSXV: PMA) (the "Company" or
"PetroMaroc") today announced that it intends to complete a
non-brokered private placement of units (the "Units") of the
Company at a price of $0.15 per Unit
to raise gross proceeds of a minimum of Cdn $3,000,000 and a maximum of Cdn $6,000,000 (the "Offering"). The Units will
consist of one common share (a "Common Share") of the Company and
one-half of a common share purchase warrant (a "Warrant").
Each whole Warrant will be exercisable into one Common Share (a
"Warrant Share") for a period of 18 months from closing at
$0.30 per Warrant Share, provided
that, if, at any time following the date of issuance, the closing
price of the Common Shares on the TSX Venture Exchange (the "TSXV")
is greater than $0.45 for 30
consecutive trading days, the Company may give notice to the
holders of the Warrants that the expiry time of the Warrants has
been accelerated and the Warrants will expire on the
20th business day following the date of such
notice. Holders of Warrants are restricted from exercising Warrants
without the approval of the TSXV if, as a result of exercise, the
holder would hold more than 20% of the issued Common Shares of the
Company.
The securities to be issued will carry a four-month hold period
under Canadian securities laws from the date of issuance. The
issuance of the Units and listing of the Common Shares and the
Warrant Shares pursuant to the Offering is subject to the TSXV
approval.
Proceeds from the Offering will be used for general working
capital purposes and exploration expenses. Any finder associated
with the Offering will be entitled to receive a finder's fee equal
to 3% of the gross proceeds received from subscribers introduced to
the Offering by the finder.
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".
Additional information about the Company can be found
at http://www.petromaroc.co and under the
Company's SEDAR profile at http://www.sedar.com.
Special Note Regarding Forward Looking Statements
This press release contains forward-looking statements. Such
forward-looking statements relate to future events or the Company's
future performance. All statements other than statements of
historical fact are forward-looking statements. Forward-looking
statements are often, but not always, identified by the use of
words such as "may", "will", "should", "expect", "plan",
"anticipate", "believe", "estimate", "predict", "project",
"potential", "targeting", "intend", "could", "might", "continue" or
the negative of these terms or other similar terms. Forward-looking
statements in this press release include, but are not limited to,
statements regarding the ability of the Company to successfully
arrange for the Offering.
Forward-looking statements are only predictions. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statements. Some of the risks and other factors which could cause
results to differ materially from those expressed in the
forward-looking statements contained in this press release include,
but are not limited to: the inability of the Company to close the
Offering due to the state of the capital markets, general economic
conditions in Canada, the Kingdom
of Morocco and globally; industry
conditions, including fluctuations in the price of oil and gas,
governmental regulation of the oil and gas industry, including
environmental regulation; fluctuation in foreign exchange or
interest rates; risks inherent in oil and gas operations; political
risk, including geological, technical, drilling and processing
problems; unanticipated operating events which could cause
commencement of drilling and production to be delayed; the need to
obtain consents and approvals from industry partners, regulatory
authorities and other third-parties; stock market volatility and
market valuations; competition for, among other things, capital,
acquisitions of reserves, undeveloped land and skilled personnel;
incorrect assessments of the value of acquisitions or resource
estimates; credit risk; changes in legislation; any unanticipated
disputes or deficiencies related to title matters; dependence on
management and key personnel; and risks associated with operating
in and being part of a joint venture.
Although the forward-looking statements contained in this press
release are based upon factors and assumptions which management of
the Company believes to be reasonable, the Company cannot assure
that actual results will be consistent with its expectations and
assumptions. Undue reliance should not be placed on the
forward-looking statements contained in this news release as there
can be no assurance that the plans, intentions or expectations upon
which they are based will occur. These statements speak only as of
the date of this press release, and the Company does not undertake
any obligation to publicly update or revise any forward-looking
statements except as expressly required by applicable securities
laws.
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.
Tom Feuchtwanger, President and
Chief Executive Officer, Tel: +1-403-474-2775; Martin Arch, Chief Financial Officer and
Secretary, Tel: +44-203-137-7756
SOURCE PetroMaroc Corporation plc
