PetroMaroc Closes Cdn $400,000 Unsecured Loan Transaction, and Receives the TSXV Approval of the Debenture Waiver and Amending Agreement

TORONTO, ONTARIO–(Marketwired – June 16, 2015) – PetroMaroc Corporation plc (TSX VENTURE:PMA) (the “Company” or “PetroMaroc“) is pleased to announce that following receipt of TSX Venture Exchange (“TSXV“) approval, it has closed an unsecured Cdn$400,000 loan transaction (the “Loan Transaction“), bearing interest at the rate of 10.0% per annum (the “Loan“) (see the press release of June 5, 2015, which is available on SEDAR under the Company’s profile, for details of the Loan Transaction). The proceeds of the Loan will assist the Company to extend the Sidi Moktar exploration licence. In addition, the Loan will provide additional time towards locating a business partner to help develop Sidi Moktar, and a more permanent solution to restructure the Company’s debt and share capital, which may require a shareholders’ meeting to approve a restructuring transaction.

In addition, the Company is pleased to announce that is has received the TSXV approval of the waiver and amending agreement (the “Waiver Agreement“) with all three holders of the Company’s Cdn$9.7 million principal amount of debentures issued on April 10, 2014 (see the press release of June 11, 2015, which is available on SEDAR under the Company’s profile, for details of the Waiver Agreement).

About PetroMaroc

PetroMaroc is an independent oil and gas company focused on its significant land position in Morocco. The Company has a 50 percent operated interest in the Sidi Moktar licence area covering 2,683 square kilometres and is working closely with Morocco’s National Office of Hydrocarbons and Mines (ONHYM) as a committed long-term partner to unlock the hydrocarbon potential of the region. Morocco offers a politically stable environment to work within and has favourable fiscal terms to energy producers. PetroMaroc is a public company listed on the TSX Venture Exchange under the symbol “PMA”.

Additional information about the Company can be found at www.petromaroc.co and under the Company’s SEDAR profile at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


Contact Information:
PetroMaroc Corporation plc
Martin Arch
Chief Financial Officer and Secretary
+44 (0) 20 3137 7756

PetroMaroc Corporation plc
Neil Hamzaoui
VP Commercial Development
+44 (0) 20 3137 7756