Petroleum Africa
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Friday, June 12, 2015
Release
TORONTO, ONTARIO- PetroMaroc Corporation plc is pleased to announce that it has entered into a waiver and amending agreement with all three holders of the company’s Cdn$9.7 million principal amount of debentures issued on April 10, 2014, to defer payment of the quarterly interest payments under the Debentures until April 10, 2016, the maturity date of the Debentures, including the March 31, 2015 interest payment. Pursuant to the terms of the Waiver Agreement, and subject to the TSX Venture Exchange approval, the aggregate amount of all Deferred Interest Payments shall accrue interest at the amended annual interest rate of 15% and shall be due and owing on the Maturity Date. In consideration for entering into the Waiver Agreement, the Company has agreed to pay to the Debenture holders a equal to 15% of the aggregate amount of their respective Deferred Interest Payments, which Consideration Fee shall be payable on the Maturity Date in cash. The Waiver Agreement remains subject to the TSXV approval.
The Company continues to be actively engaged in discussions with stakeholders to recapitalize the Company. Strategic and financial alternatives under consideration are focused on relieving the financial burden of the Company’s current debt structure and obtaining additional financing necessary to fund ongoing operations. There can be no assurance that the current process will result in a transaction or, if a transaction is undertaken, that it will be successfully concluded in a timely manner or at all. In order to fund current operational commitments and to fund additional evaluation of Sidi Moktar, PetroMaroc will be required to complete additional financings and/or incur additional debt in the future.
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