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| Home : PetroMaroc Announces Debenture Default and Considers Near-Term Options to Finance the Interest Payment Due |
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May 02
2015 |
PetroMaroc Announces Debenture Default and Considers Near-Term Options to Finance the Interest Payment Due |
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CALGARY, ALBERTA--(Marketwired - May 1, 2015) - PetroMaroc Corporation plc (TSX VENTURE:PMA) (the "Company" or "PetroMaroc") announced that it has failed to meet the interest payment due on March 31, 2015 (the "March 31 Interest Payment") on its Cdn$9.7 million principal amount of 10% secured convertible debentures (the "Debentures"). PetroMaroc is required to make quarterly interest payments on the Debentures on each of March 31, June 30, September 30 and December 31 until April 10, 2016. The Company has 30 days within which to pay the interest under the Debentures before triggering an event of default. Failure to pay the interest within this time period allows the Debenture holders to declare the Cdn$9.7 million principal amount and all accrued interest on the Debentures immediately due and payable and to begin proceedings to realize upon the security held in connection with the Debentures. The Debentures are collateralized by substantially all of PetroMaroc's assets, including the Company's Sidi Moktar exploration licence. At March 31, 2015, the Debentures are outstanding in the principal amount of Cdn$9.7 million and accrued and unpaid interest at that date amounts to Cdn$239,178. |
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| Source:http://www.marketwired.com/mw/release.do?id=2015707&sourceType=3 |
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