ShaMaran Petroleum completes $36M private placement

ShaMaran Petroleum Corp. (TSX-V/OMX: SNM) has completed its previously announced private placement of 360,000,000 common shares at CDN $0.10 or SEK 0.67 per share for gross proceeds of CDN $36 million or US $27.3 million.

Lorito Holdings S.à.r.l. and Zebra Holdings & Investments S.à.r.l., two companies controlled by a trust settled by the late Adolf H. Lundin and insiders of ShaMaran Petroleum, directly or indirectly purchased a total of 60,448,239 common shares under the private placement.

Pareto Securities acted as the manager and bookrunner for the private placement.

ShaMaran Petroleum intends to use net proceeds to primarily to fund its expenditures related to the Atrush field development in the Kurdistan Region of Iraq as well as for general corporate purposes.

photo credit: ShaMaran Petroleum