Non-brokered offering to raise funding for project work in Kurdistan
By Devika Patel
Knoxville, Tenn., Nov. 9 - Shamaran Petroleum Corp. said it increased a non-brokered private placement of stock to C$51 million from C$50 million. The deal priced Oct. 25.
The company will now sell 127.5 million common shares at C$0.40 per share. The per-share price represents a 6.67% premium to the Oct. 24 closing share price of C$0.375.
Proceeds will be used for development, appraisal and exploration work on the company's projects in Kurdistan as well as general working capital purposes.
The Kurdistan-focused oil development and exploration company is based in Vancouver, B.C.
| Issuer: | Shamaran Petroleum Corp.
|
| Issue: | Common shares
|
| Amount: | C$51 million
|
| Shares: | 127.5 million
|
| Price: | C$0.40
|
| Warrants: | No
|
| Agents: | Non-brokered
|
| Pricing date: | Oct. 25
|
| Upsized: | Nov. 9
|
| Stock symbol: | TSX Venture: SNM
|
| Stock price: | C$0.40 at close Oct. 25
|
| Market capitalization: | C$265.39 million
|
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