PetroMaroc to Conduct $400,000 Unsecured Loan

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.

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.

Special Note Regarding Forward Looking Statements

This press release contains forward-looking statements. Such forward-looking statements relate to future events or the Company’s future performance. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “project”, “potential”, “targeting”, “intend”, “could”, “might”, “continue” or the negative of these terms or other similar terms. Forward-looking statements in this press release include, but are not limited to, statements regarding the ability of the Company to complete the Loan transaction.

Forward-looking statements are only predictions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Some of the risks and other factors which could cause results to differ materially from those expressed in the forward-looking statements contained in this press release include, but are not limited to: the ability of the Company to receive the Escrowed Funds, general economic conditions in Canada, the Kingdom of Morocco and globally; industry conditions, including fluctuations in the price of oil and gas, governmental regulation of the oil and gas industry, including environmental regulation; fluctuation in foreign exchange or interest rates; risks inherent in oil and gas operations; political risk, including geological, technical, drilling and processing problems; unanticipated operating events which could cause commencement of drilling and production to be delayed; the need to obtain consents and approvals from industry partners, regulatory authorities and other third-parties; stock market volatility and market valuations; competition for, among other things, capital, acquisitions of reserves, undeveloped land and skilled personnel; incorrect assessments of the value of acquisitions or resource estimates; any future inability to obtain additional debt or equity funding, when required, on acceptable terms or at all; credit risk; changes in legislation; any unanticipated disputes or deficiencies related to title matters; dependence on management and key personnel; and risks associated with operating in and being part of a joint venture.

Although the forward-looking statements contained in this press release are based upon factors and assumptions which management of the Company believes to be reasonable, the Company cannot assure that actual results will be consistent with its expectations and assumptions. Undue reliance should not be placed on the forward-looking statements contained in this news release as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. These statements speak only as of the date of this press release, and the Company does not undertake any obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.

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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of PetroMaroc in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933 (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.


Contact Information:
PetroMaroc Corporation plc
Martin Arch
Chief Financial Officer and Secretary
+44 203 137 7756
www.petromaroc.co