Petroleum Africa
Find us on: 
Friday, October 31, 2014
PetroMaroc Corp. is looking to complete a non-brokered private placement of units of the company at a price of $0.15 per unit to raise gross proceeds of a minimum of Cdn $3 million and a maximum of Cdn $6 million. The units will consist of one common share of PetroMaroc and one-half of a common share purchase warrant.
The company said that each whole warrant will be exercisable into one common 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 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.
" alt="Africa’s $824 Billion Debt Burden and Opaque Resource-Backed Loans Hinder its Potential">
" alt="African Refiners Ponder Threats to Energy Security for Africa as Transition Takes Center Stage">
" alt="Invictus Inks Gas Sales MOU to Deliver Power to Eureka Gold Mine">
" alt="Globeleq Acquires the 25 MWp Winnergy Solar PV Plant in Egypt">
" alt="Sintana Completes Well Testing at Mopane 1-X in Namibia">
" alt="Infill Drilling to Resume at the Ceiba Field in Equatorial Guinea">
" alt="Uganda National Oil Company Appoints New Executive">
" alt="World’s First Ammonia Dual-Fuel Aframaxes to be Developed by MISC">
