PetroMaroc Corporation (TSXV:PMA) has closed a private placement raising CDN $3 million. However the company failed to close a second tranche of the placement due to the current market.

According to the press release:

PetroMaroc closed the first tranche of the Private Placement raising Cdn $3 million on November 4, 2014. Due to current market conditions the second tranche of the Private Placement was unsuccessful in raising additional funds. Each Unit consists of one ordinary share (a “Common Share”) of the Company and one-half of a Common Share purchase warrant (a “Warrant”).

Tom Feuchtwanger, president and CEO of PetroMaroc, said:

All our efforts going forward are now focused on identifying a financially strong and technically credible partner, and/or organization, to assist us with moving the significant natural gas accumulation we have located on our Sidi Moktar Exploration Licence towards the commercial development of the Kechoula structure. While the current market conditions will make this task challenging, we are confident that the excellent quality of the asset will attract considerable attention.

Click here to read the PetroMaroc Corporation plc (TSXV:PMA) press release