VANCOUVER, BC, May 20, 2022
/CNW/ - ShaMaran Petroleum Corp. ("ShaMaran" or the
"Company") (TSXV: SNM) (Nasdaq First North Growth Market
(Sweden): SNM) is pleased to
announce that further to ShaMaran's news releases of April 5, 2022, April 7,
2022 and April 26, 2022, the
Company's rights offering (the "Rights Offering") expired at
5:00 p.m. (Eastern time) today.
Pursuant to the Rights Offering, each ShaMaran shareholder of
record on April 13, 2022 who was an
Eligible Holder or Approved Holder (as such terms were defined in
the Company's Rights Offering circular dated April 5, 2022, as amended) received one right (a
"Right") for every one common share of ShaMaran ("Common Share")
held. Four Rights permitted the holder to purchase one Common Share
at the price of CAD 0.06825
(SEK 0.52) per Common Share. A total
of 2,060,115,323 Rights were exercised. View PDF version.
ShaMaran is working with its rights agent in Canada: (a) to calculate the breakdown of
common shares issuable under the basic subscription privilege, the
additional subscription privilege, and the standby commitment
payment (if any) to be made by ShaMaran's major shareholder Nemesia
S.à.r.l.1 and converted into Common Shares at the price
of CAD 0.06825, and (b) to determine
the gross proceeds in United
States dollars received in connection with the Rights
Offering and will provide details, including the information
required by National Instrument 45-106 Prospectus
Exemptions, once available.
Adel Chaouch, President and CEO
commented: "I am very pleased with today's announcement that the
Rights Offering has concluded as planned and we are looking forward
to announcing the details of the Rights Offering in due
course."
Pareto Securities AB ("Pareto") acted as technical advisor to
the Rights Offering in Sweden and
Computershare Investor Services, Inc. acted as rights agent in
Canada. Pareto is not
registered as a dealer in any Canadian jurisdiction and,
accordingly, has not, directly or indirectly, solicited offers to
purchase or sell Common Shares or Rights in Canada.
OTHER
This information was submitted for publication,
through the agency of the contact persons set out below, on
May 20, 2022 at 8:30 p.m. Eastern Time. Arctic Securities
AS (Swedish branch), is the Company's Certified Adviser on Nasdaq
First North Growth Market (Sweden)
+46 844 68 61 00, certifiedadviser@arctic.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
IMPORTANT INFORMATION
The information in this
news release may not be released, distributed or published,
directly or indirectly, in or into the
United States of America, Australia, Hong
Kong, Japan, New Zealand, Singapore, South
Africa, Switzerland, or any
other jurisdiction in which the release, distribution or
publication would be unlawful or require any other measures than
required by Swedish or Canadian law. Actions in violation of these
restrictions may constitute a violation of applicable securities
laws.
The subscription rights for the Company's shares, and any shares
that have been issued upon exercise of such subscription rights,
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "1933 Act"), or any state
securities laws, and may not be directly or indirectly offered,
sold, resold or exercised, as applicable, in the United States or to, or for the account or
benefit of, any U.S. person (as those terms are defined in
Regulation S under the 1933 Act) unless they are registered under,
or the transaction is exempt from the registration requirements of,
the 1933 Act and applicable state securities laws.
ABOUT SHAMARAN
ShaMaran is a Kurdistan focused oil development and
exploration company which holds a 27.6% interest, through its
wholly-owned subsidiary General Exploration Partners, Inc., in the
Atrush Block and as announced in the Company's news release of
July 12, 2021 upon successful closing
of the acquisition from a TotalEnergies' affiliate will then also
hold an 18% interest through its then wholly-owned subsidiary
TEPKRI Sarsang A/S in the Sarsang Block.
ShaMaran is a Canadian oil and gas company listed on the TSX
Venture Exchange and the Nasdaq First North Growth Market
(Sweden) under the symbol "SNM"
and is part of the "Lundin Group of Companies".
Follow us on Social Media:
Instagram:
@shamaranpetroleumcorp
Twitter: @shamaran_corp
Facebook: @shamaranpetroleumcorp
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Note:
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(1)
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Nemesia S.à.r.l. and Zebra Holdings and
Investment S.à.r.l. , who report their security holdings as
joint actors, are private companies ultimately controlled by a
trust whose settlor is the Estate of the late Adolf H.
Lundin.
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SOURCE ShaMaran Petroleum Corp.