TORONTO, Dec. 21, 2017 (GLOBE NEWSWIRE) -- In accordance with the requirements of Section 3.1 of National Instrument 62-103 Guangxi S.A. 38, boulevard NapoléonIer L-2210 Luxembourg announces that on December 20, 2017 it acquired 47,000,000 ordinary shares (the “Shares”) of PetroMaroc Corporation plc (“PetroMaroc”), Queensway House, Hilgrove Street, St. Helier, Jersey JE1 1ES. Guangxi now owns or has control of 47,000,000 Shares of PetroMaroc, or approximately 30.16% of the current issued and outstanding Shares of PetroMaroc.
Guangxi acquired 47,000,000 Shares of PetroMaroc at a price of $0.06 per Share pursuant to the conversion of a Series 1 10.0% secured convertible redeemable Debenture of PetroMaroc in the principal amount of CDN$2,820,000 (the "Convertible Debenture"). Immediately prior to the conversion of the Convertible Debenture, Guanxi owned nil Shares in PetroMaroc. Guangxi acquired the Shares for investment purposes and may acquire additional securities or dispose of existing securities of PetroMaroc in the market or privately, from time to time as circumstances warrant.
PetroMaroc trades on the TSX Venture Exchange under the symbol “PMA”.
A copy of the early warning report filed by Guangxi in connection with this acquisition is available on the SEDAR website at www.sedar.com or by contacting Lucius Huber at telephone +41 (0)61 272 13 30, Telefax +41 (0)61 272 15 95 Email: lucius.huber@lclaw.ch.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.