PetroMaroc Highlights Natural Gas Potential and Private Placements in Third Quarter Results

PetroMaroc Corporation highlighted the natural gas potential at its Kechoula structure in its Sidi Moktar project and a private placement which raised $3 million.

According to the press release:

PetroMaroc ended the third quarter with cash of US$4.5 million. On October 30, the Company announced a non-brokered private placement of units of the Company at a price of Cdn $0.15 per unit to raise gross proceeds of a minimum of Cdn $3 million and a maximum of Cdn $6 million. PetroMaroc closed the first tranche of the private placement raising Cdn $3 million on November 4. The Company anticipates it will close a second tranche of the private placement in December. The private placement is subject to the final approval of the TSX Venture Exchange (the “TSX-V”).

Tom Feuchtwanger, president and CEO of PetroMaroc, said:

We recently completed a $3 million private placement that is supporting our near-term efforts while we launch a broader search for an industry partner to accelerate the development of Sidi Moktar. Our recent resource assessment has confirmed the promising geological and commercial potential that we believe will generate attractive partnership opportunities.

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