ShaMaran Announces Rights Offer

By John Lee.

ShaMaran has announced that it will launch a CAD 75 million equity rights offering to its shareholders that is supported by a comprehensive equity support arrangement from major shareholders, Lorito Holdings, Zebra Holdings and Investments, and Lundin Petroleum B.V. (the 'Standby Purchasers').

The proceeds of this financing will augment the funding required for the development of ShaMaran's oil discovery on the Atrush Block in the Kurdistan Region of Iraq.

Pradeep Kabra (pictured), ShaMaran's President and Chief Executive Officer, said:

"We are very pleased to enter into this equity offering with the support of the Standby Purchasers.

The financing is the result of a review of the Corporation's future capital requirements to meet the forecasted funding requirements under the Atrush PSC, while allowing all shareholders the opportunity to participate in the growth of the Corporation's assets."

(Source: ShaMaran)

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