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| Home : PetroMaroc to Conduct $400,000 Unsecured Loan |
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Jun 06
2015 |
PetroMaroc to Conduct $400,000 Unsecured Loan |
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CALGARY, ALBERTA--(Marketwired - June 5, 2015) - PetroMaroc Corporation plc (TSX VENTURE:PMA) (the "Company" or "PetroMaroc") announced today that it intends, subject to receipt of TSX Venture Exchange ("TSXV") approval, to enter into an unsecured loan transaction, pursuant to which the Company will borrow from A.G. Oates, an arm's length party (the "Lender"), the principal amount of CDN$400,000, bearing interest at the rate of 10.0% per annum (the "Loan"). The principal amount and all accrued interest under the Loan shall be due and payable on the earlier of (the "Maturity Date"): i) April 30, 2016; and ii) provided that the $9.7 million principal amount of debentures issued by the Company on April 10, 2014 (the "Debentures") are not then in default, ten (10) days after the Company receives the amount of $2,500,000 (the "Escrowed Funds") being held in escrow pursuant to a percentage interest transfer agreement entered into between the Company and Maghreb Petroleum Exploration S.A. If the Company receives the Escrowed Funds when the Debentures are in default, the Maturity Date shall be April 30, 2016. The Loan shall be unsecured and shall be subject to and ranking subordinate in priority to the Debentures. In consideration for providing the Loan to the Company, the Lender will receive, subject to TSXV approval, eight million (8,000,000) bonus warrants (the "Bonus Warrants"), with each Bonus Warrant exercisable into one (1) common share (a "Common Share") of the Company at a price of $0.05 per Common Share for a period of 12 months from the date of issuance. |
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| Source:http://www.marketwired.com/mw/release.do?id=2027076&sourceType=3 |
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