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TORONTO, ONTARIO--(Marketwired - July 6, 2017) - PetroMaroc Corporation plc (TSX VENTURE:PMA), (the "Company" or "PetroMaroc") announces that it has entered into a debt settlement agreement with Dundee Securities Europe LLP, an affiliate of Dundee Corporation ("Dundee"), a creditor of the Company, to settle US$325,000 debt owed, in consideration for the issuance of 1,000,000 ordinary shares of the Company (the "Shares") at a deemed price of US$0.325 per Share (the "Debt Settlement"). The Board of Directors and Management of PetroMaroc believe that the Debt Settlement is in the best interests of the Company as it allows it to preserve its cash position and the shares will be issued at a price which represents a significant premium to the closing market price of the Company's shares on the TSX Venture Exchange on July 6, 2017. The issuance of Shares is subject to the approval by the TSX Venture Exchange and, once issued, the Shares will be subject to a 4-month hold period pursuant to all applicable securities laws. Upon the closing of the Debt Settlement, the Company will have resolved all of its outstanding debts with its trade creditors. |
