SHAMARAN ANNOUNCES RIGHTS OFFERING /NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, WITHIN 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./
VANCOUVER, BC, April 5, 2022 /CNW/ - ShaMaran Petroleum Corp. ("ShaMaran" or the "Company") (TSXV: SNM) (Nasdaq First North Growth Market (Sweden): SNM) is pleased to announce an equity rights offering in the amount of approximately USD 30.5 million ("Rights Offering") to its Shareholders, of which USD 30 million is underwritten by its major shareholder, Nemesia Holdings S..r.l. (the "Standby Purchaser"), as previously noted in the Company's news release on July 12, 2021. The Company has determined that, due to the improvement in its cashflow since the July 2021 announcement, it now intends to use the proceeds raised from the Rights Offering for general corporate and administrative purposes.