BRIEF-Petromaroc Corporation raises going concern doubt

Wed Sep 14, 2016 2:05pm EDT
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Sept 14 (Reuters) - Petromaroc Corporation Plc

* Says significant doubt about company's ability to continue as a going concern

* Currently progressing in completion of conditions precedent of binding sale and purchase agreement with Sound Energy Plc

* Says ministerial approvals in Morocco for purchase agreement have not been obtained

* Says as at June 30, 2016 Company had a working capital deficit of US $0.8 million

* Says continues to negotiate settlement agreements with its sidi Moktar creditors

* Petromaroc Corporation says in order to fund operational commitments due in less than 12 months, Co will be required to complete additional financings

* At this time, company does not have financial resources to repay debentures on maturity Source text for Eikon: Further company coverage: