VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 20, 2017) -
Not for distribution to U.S. news wire services or for dissemination in the United States.
ShaMaran Petroleum Corp. ("ShaMaran" or the "Company") (TSX VENTURE:SNM)(OXM:SNM) is pleased to announce that
it that it has successfully completed the book build for the equity issue (the "Private Placement") announced on January 19,
2017, on a private placement basis, of common shares of the Company ("Common Shares"). The pricing of the Private Placement was
determined during the book-building process to be CAD 0.10 (equal to SEK 0.67) per share. This will result in the issuance of 360
million Common Shares for gross proceeds of approximately CAD 36 million (USD 27 million). Pareto Securities has been
engaged as manager and bookrunner (the "Agent") for the Private Placement. Closing is expected to occur on or about January 30,
2017.
The net proceeds from the Private Placement will be used primarily to fund the Company's expenditures related to the Atrush
field development in the Kurdistan Region of Iraq as well as for general corporate purposes.
The Private Placement is subject to TSX Venture Exchange and all other requisite regulatory approvals. Common Shares issued
pursuant to the Private Placement cannot be traded into Canada before the date that is 4 months and a day after the issue date. A
brokerage fee of 4% will be payable to the Agent on private placement subscription proceeds excluding those subscriptions by the
Lundin family trusts.
This information in this release is subject to the disclosure requirements of ShaMaran Petroleum Corp. under the EU Market
Abuse Regulation and the Swedish Securities Markets Act. This information was publicly communicated on January 20, 2017 at 7:30
a.m. Pacific Time.
ABOUT SHAMARAN
ShaMaran Petroleum Corp. is a Kurdistan focused oil development and exploration company with a 20.1% direct interest in the
Atrush oil discovery. The Atrush Block is currently undergoing an appraisal and development campaign.
ShaMaran is a Canadian oil and gas company listed on the TSX Venture Exchange and the NASDAQ First North Exchange (Stockholm)
under the symbol "SNM". 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 release. Pareto Securities AB
is the Company's Certified Advisor on NASDAQ First North.
FORWARD LOOKING STATEMENTS
This news release contains statements and information about expected or anticipated future events and financial
results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as legal and
political risk, civil unrest, general economic, market and business conditions, the regulatory process and actions, failure to
satisfy the closing conditions of the Private Placement, technical issues, new legislation, competitive and general economic
factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected
events and management's capacity to execute and implement its future plans. Any statements that are contained in this news
release that are not statements of historical fact may be deemed to be forward-looking information. Forward-looking information
typically contains statements with words such as "may", "will", "should", "expect", "intend", "plan", "anticipate",
"believe", "estimate", "projects", "potential", "scheduled", "forecast", "outlook", "budget" or the negative of those terms or
similar words suggesting future outcomes. Forward-looking information in this press release include, among other things: size and
timing of closing of the Private Placement and the proposed use of proceeds of the Private Placement. The Company cautions
readers regarding the reliance placed by them on forward‐looking information as by its nature, it is based on current
expectations regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could cause
actual results to differ materially from those anticipated by the Company.
Actual results may differ materially from those projected by management. Further, any forward-looking information is made
only as of a certain date and the Company undertakes no obligation to update any forward-looking information or statements to
reflect events or circumstances after the date on which such statement is made or reflect the occurrence of unanticipated events,
except as may be required by applicable securities laws. New factors emerge from time to time, and it is not possible for
management of the Company to predict all of these factors and to assess in advance the impact of each such factor on the
Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially
from those contained in any forward-looking information. The Company may elect to use the proceeds of the Private Placement in a
different manner than as described above if the Company determines it is in its best interests to do so.