Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (9891)	11/4/2014 3:02:38 PM
From: Goose94	Read Replies (1) \| Respond to of 203641

PetroMaroc Corporation plc (PMA-V) Nov 4th 2014 today announced that it has closed the first tranche of the previously announced non-brokered private placement of units of the Company at a price of $0.15 per Unit raising Cdn $3,000,000. The Units consist of one common share (a "Common Share") of the Company and one-half of a Common Share purchase warrant. Each whole Warrant is 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 issued securities 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 final TSXV approval. Proceeds from the Private Placement will be used for general working capital purposes and exploration expenses. In connection with the Private Placement, the Company paid a finder’s fee equal to 3% of the gross proceeds received from subscribers introduced to the Private Placement by the finder. The Company anticipates to close the second tranche of the Private Placement in December. 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.