Petroleum Africa
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Thursday, September 15, 2016
PetroMaroc Corp. issued another release to comment on the recent trading activity of its stock.The company, as announced previously on September 13is not aware of any material, undisclosed corporate developments, and has no material change to report at this time.
It went on to re-emphasize its financial position, as announced in the second quarter financial and operating results press release on August 29, 2016, and the company is currently progressing in completion of the conditions precedent of the binding sale and purchase agreement with Sound Energy, including obtaining ministerial approvals in Morocco, Debentureholder approval and final approval of the TSX Venture Exchange. At this time, however, the ministerial approvals in Morocco have not been obtained and although the company is working diligently with Sound Energy to satisfy the conditions precedent in the Sale and Purchase Agreement, it is currently not known when such consents will be obtained, or at all.
As at June 30, 2016 the company had a working capital deficit of $0.8 million (excluding the secured debentures, excluding the secured debenture accrued interest and fees, excluding the unsecured loan and interest, including restricted cash).
It continues to review alternatives to address its debt and share capital structure with a focus on alternatives for the company’s Cdn$11.09 million principal amount of secured debentures, which currently mature on September 30. Upon default, holders of the Debentures may declare the Cdn$11.09 million principal amount and all accrued interest due on September 30on the Debentures immediately due and payable and to begin proceedings to realize upon the security held in connection with the Debentures.
The company continues to negotiate settlement agreements with its Sidi Moktar creditors of the remaining unpaid costs in respect to the Sidi Moktar drilling campaign. Settlement with the unsecured creditors is a necessary measure required in order to pursue the Company’s efforts to secure additional funding, and facilitate a corporate restructuring of the secured Debentures and share capital.
In order to fund operational commitments due in less than twelve months (approximately $2.65 million), PetroMaroc will be required to complete additional financings and/or incur additional debt in the future. At this time, the Company does not have the financial resources to repay the Debentures on maturity. These factors represent a material uncertainty that may cast a significant doubt about the Company’s ability to continue as a going concern.
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