Non-brokered deal is raising proceeds for work programs in Kurdistan
By Devika Patel
Knoxville, Tenn., May4 - ShaMaran Petroleum Corp. said it settled the initial tranche of a C$50.4 million non-brokered private placement of stock, raising C$8 million. The deal priced April 19.
The company is selling 56 million common shares at C$0.90 per share. It sold 8,888,900 shares in this tranche. The per-share price represents an 8.43% premium to the April 18 closing share price of C$0.83.
Proceeds will be used for the company's work programs in Kurdistan as well as general working capital.
The Kurdistan-focused oil development and exploration company is based in Vancouver, B.C.
| Issuer: | ShaMaran Petroleum Corp.
|
| Issue: | Common shares
|
| Amount: | C$50.4 million
|
| Shares: | 56 million (8,888,900 in first tranche)
|
| Price: | C$0.90
|
| Warrants: | No
|
| Agents: | Non-brokered
|
| Pricing date: | April 19
|
| Settlement date: | May 4 (for C$8,000,010)
|
| Stock symbol: | TSX Venture: SNM
|
| Stock price: | C$0.88 at close April 19
|
| Market capitalization: | C$542.17 million
|
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