PetroMaroc Corporation plc has closed the first tranche of the previously announced non-brokered private placement (the "Private Placement") of units (the "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 (a "Warrant"). Each whole Warrant is exercisable into one Common Share (a "Warrant 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 (the "TSXV") 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.

Tags: PetroMaroc Corporation plc