VANCOUVER, BC, May 25, 2022
/CNW/ - ShaMaran Petroleum Corp. ("ShaMaran" or the
"Company") (TSXV: SNM) (Nasdaq First North Growth Market
(Sweden): SNM) is pleased to
announce further details following the Company's news release of
May 20, 2022 with respect to the
Company's rights offering (the "Rights Offering") that was
oversubscribed by the Company's shareholders and no call on the
standby commitment of Nemesia S.à.r.l.1 was required.
ShaMaran has issued 558,242,414 common shares of the Company (the
"Common Shares") at the price of CAD $0.06825 (SEK 0.52)
per Common Share being the maximum number of Common Shares approved
for the Rights Offering for a total gross proceeds of approximately
US $30.15 million. The Company
intends to use the Rights Offering proceeds for the purposes
disclosed in ShaMaran's rights offering circular dated April 5, 2022, as amended April 12, 2022, available for review under the
Company's profile on SEDAR at www.sedar.com. View PDF version.
A total of 515,028,830 Common Shares were issued pursuant to the
basic subscription privilege of the Rights Offering. Of these,
approximately 143,072,380 Common Shares were issued to insiders of
ShaMaran and 371,956,450 Common Shares were issued to all other
persons.
A total of 43,213,584 Common Shares were issued pursuant to the
additional subscription privilege of the Rights Offering. Of these,
approximately 553,725 were issued to insiders of ShaMaran and
42,659,859 Common Shares were issued to all other persons.
Following completion of the Rights Offering, ShaMaran has
2,793,492,072 Common Shares issued and outstanding.
To the knowledge of ShaMaran, after reasonable inquiry, no
person has become an insider of ShaMaran from the distribution
under the Rights Offering.
Adel Chaouch, President and CEO
commented: "I am very pleased to announce today's details regarding
our recent Rights Offering that demonstrates the exceptionally
strong shareholder support for ShaMaran. This Rights Offering has
been a success for the Company and these funds, together with
ShaMaran's growing unrestricted cash held in our bank account, will
provide a basis for continuing the Company's future growth
plans."
Pareto Securities AB ("Pareto") acted as technical advisor in
Sweden and Computershare Investor
Services, Inc. ("Computershare") acted as rights agent in
Canada. A fee in the amount of
approximately US $750 thousand will
be paid to Pareto and approximately CAD $16
thousand will be paid to Computershare in connection with
this Rights Offering. 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 25, 2022 at 5:30 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.
FORWARD LOOKING STATEMENTS
This news release contains
statements and information about expected or anticipated future
events and financial results that are forward‐looking in nature
and, as a result, are subject to certain risks and uncertainties,
such as legal and political risk, civil unrest, general economic,
market and business conditions, the regulatory process and actions,
technical issues, new legislation, competitive and general economic
factors and conditions, the uncertainties resulting from potential
delays or changes in plans, the occurrence of unexpected events and
management's capacity to execute and implement its future
plans.
Any statements that are contained in this news release that are
not statements of historical fact may be deemed to be
forward‐looking information. Forward‐ looking information typically
contains statements with words such as "may", "will", "should",
"expect", "intend", "plan", "anticipate", "believe", "estimate",
"projects", "potential", "scheduled", "forecast", "outlook",
"budget" or the negative of those terms or similar words suggesting
future outcomes. The Company cautions readers regarding the
reliance placed by them on forward‐looking information as by its
nature, it is based on current expectations regarding future events
that involve a number of assumptions, inherent risks and
uncertainties, which could cause actual results to differ
materially from those anticipated by the Company. Forward-looking
statements in this news release may include, without limitation,
statements relating to the use of proceeds from the Rights
Offering, the Company's growing unrestricted cash held in
ShaMaran's bank account and the Company's potential future
growth.
The Covid-19 virus as well as the Russia-Ukraine conflict and the related restrictions
and disruptions that followed have had a drastic adverse effect on
the world demand for, and prices of, oil and gas as well as the
market price of the shares of oil and gas companies generally,
including the Company's common shares. There can be no assurance
that these adverse effects will not continue or that commodity
prices will not decrease or remain volatile in the future. These
factors are beyond the control of ShaMaran and it is difficult to
assess how these, and other factors, will continue to affect the
Company and the market price of ShaMaran's common shares. In light
of the current situation, as at the date of this news release, the
Company continues to review and assess its business plans and
assumptions regarding the business environment, as well as its
estimates of future production, cash flows, operating costs, and
capital expenditures.
Actual results may differ materially from those projected by
management. Further, any forward‐looking information is made only
as of a certain date and the Company undertakes no obligation to
update any forward‐looking information or statements to reflect
events or circumstances after the date on which such statement is
made or reflect the occurrence of unanticipated events, except as
may be required by applicable securities laws. New factors emerge
from time to time, and it is not possible for management of the
Company to predict all of these factors and to assess in advance
the impact of each such factor on the Company's business or the
extent to which any factor, or combination of factors, may cause
actual results to differ materially from those contained in any
forward‐looking information.
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
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.