RE:RE:SHAMARAN ANNOUNCES RIGHTS OFFERING
This Rights Offering has been a success for the Company and these funds, together with ShaMaran's growing unrestricted cash held in our bank account, will provide a basis for continuing the Company's future growth plans."
VANCOUVER, BC, May 25, 2022 /CNW/ - ShaMaran Petroleum Corp. ("ShaMaran" or the "Company") (TSXV: SNM) (Nasdaq First North Growth Market (Sweden): SNM) is pleased to announce further details following the Company's news release of May 20, 2022 with respect to the Company's rights offering (the "Rights Offering") that was oversubscribed by the Company's shareholders and no call on the standby commitment of Nemesia S..r.l.1 was required. ShaMaran has issued 558,242,414 common shares of the Company (the "Common Shares") at the price of CAD $0.06825(SEK 0.52) per Common Share being the maximum number of Common Shares approved for the Rights Offering for a total gross proceeds of approximately US $30.15 million. The Company intends to use the Rights Offering proceeds for the purposes disclosed in ShaMaran's rights offering circular dated April 5, 2022, as amended April 12, 2022, available for review under the Company's profile on SEDAR at www.sedar.com. View PDF version.
A total of 515,028,830 Common Shares were issued pursuant to the basic subscription privilege of the Rights Offering. Of these, approximately 143,072,380 Common Shares were issued to insiders of ShaMaran and 371,956,450 Common Shares were issued to all other persons.
A total of 43,213,584 Common Shares were issued pursuant to the additional subscription privilege of the Rights Offering. Of these, approximately 553,725 were issued to insiders of ShaMaran and 42,659,859 Common Shares were issued to all other persons.
Following completion of the Rights Offering, ShaMaran has 2,793,492,072 Common Shares issued and outstanding.
To the knowledge of ShaMaran, after reasonable inquiry, no person has become an insider of ShaMaran from the distribution under the Rights Offering.
Adel Chaouch, President and CEO commented: "I am very pleased to announce today's details regarding our recent Rights Offering that demonstrates the exceptionally strong shareholder support for ShaMaran. This Rights Offering has been a success for the Company and these funds, together with ShaMaran's growing unrestricted cash held in our bank account, will provide a basis for continuing the Company's future growth plans."
Pareto Securities AB ("Pareto") acted as technical advisor in Sweden and Computershare Investor Services, Inc. ("Computershare") acted as rights agent in Canada. A fee in the amount of approximately US $750 thousand will be paid to Pareto and approximately CAD $16 thousand will be paid to Computershare in connection with this Rights Offering. Pareto is not registered as a dealer in any Canadian jurisdiction and, accordingly, has not, directly or indirectly, solicited offers to purchase or sell Common Shares or Rights in Canada.
OTHER
This information was submitted for publication, through the agency of the contact persons set out below, on May 25, 2022 at 5:30 p.m. Eastern Time. Arctic Securities AS (Swedish branch), is the Company's Certified Adviser on Nasdaq First North Growth Market (Sweden) +46 844 68 61 00, certifiedadviser@arctic.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.