ShaMaran Announces $50m Private Placement

ShaMaran Petroleum reports that, subject to regulatory approval, it will carry out a non-brokered, private placement of up to an aggregate of 125 million common shares of the Company at a price of $0.40 per share for gross proceeds of up to Cdn $50 million.

Shares issued pursuant to the private placement will be subject to a four month hold period.

A 4% finders’ fee may be payable in cash on all or 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.

(Source: ShaMaran)

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