ShaMaran Petroleum Closes $51 Million Private Plac
ShaMaran Petroleum Closes $51 Million Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 15, 2011) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES
ShaMaran Petroleum Corp. (TSX VENTURE:SNM)(OMX:SNM) ("ShaMaran" or the "Company") reports that it has closed the $51 million private placement announced on October 25, 2011 and November 9, 2011. The Company sold, on a non-brokered, private placement basis, an aggregate of 127.5 million common shares of the Company at a price of
.40 per share for gross proceeds of approximately Cdn $51 million. Shares issued pursuant to the private placement will be subject to a four month hold period expiring on March 16, 2012.
A 4% finders' fee is payable in cash on a portion of the private placement.
Net proceeds of the private placement will be used towards ongoing development, appraisal and exploration work on the Company's projects in Kurdistan as well as for general working capital purposes.
The private placement has been conditionally accepted by the TSX Venture Exchange.