PMA Secured Debenture and Unsecured Loan Maturity ExtensionTORONTO, ONTARIO--(Marketwired - Sept. 30, 2016) - PetroMaroc Corporation plc (TSX VENTURE:PMA), an independent oil and gas company focused on Morocco (the "Company" or "PetroMaroc"), is pleased to announce it has executed an amending agreement with its secured debenture holders, to extend the maturity date of the Cdn $11.09 million principal amount of secured debentures (the "Debentures"), from September 30, 2016, to December 31, 2016 (the "Maturity Date"). The total amount of the principal (Cdn $11.09 million) and an aggregate amount of accrued interest/waiver fees (Cdn $3.85 million) due and payable at September 30, 2016 (total: Cdn $14.94 million) shall accrue interest at the rate of 15% per annum for the period commencing from September 30, 2016 until the Maturity Date and is calculated to be Cdn $0.55 million. Thus, the total amount due and payable on the Maturity Date shall total Cdn $15.49 million.
PetroMaroc is also pleased to announce that the holder of the Cdn $0.4 million principal amount unsecured loan has agreed to extend the maturity date of the loan to December 31, 2016. The interest rate for the extension period of May 1, 2016 to December 31, 2016 will be calculated at the rate of 15% per annum. The total amount due and payable on maturity at December 31, 2016 shall total Cdn $0.48 million. For terms of the loan, please refer to the Company's press release dated June 5, 2015 available on SEDAR at www.sedar.com under the Company's profile.