VANCOUVER, June 19, 2018 /CNW/ - ShaMaran Petroleum
Corp. ("ShaMaran" or the "Corporation") (TSX Venture: SNM),
(NASDAQ First North: SNM) is pleased to announce the
successfully placement of USD 240
million senior unsecured bonds. The net proceeds from the
bonds will be used to refinance all the existing outstanding bonds
issued by ShaMaran's wholly owned subsidiary, General Exploration
Partners Inc. ("GEP"), and to finance the Marathon acquisition as
announced on June 4th,
2018. The new bonds have a five year maturity without amortization
and carry 12% fixed semi-annual coupon. Settlement is expected to
be on or about July 5, 2018. View
News Release in PDF Format.
In connection with the new bond issue, GEP will call its
existing bonds by issuing call notices to bondholders that have not
offered to roll their existing bonds into the new bonds.
Approximately USD 117 million of
GEP01 bonds with ISIN NO0010692882 (senior bonds) will be rolled
over into the new bonds and the entire amount of super senior bonds
with ISIN NO0010764178 will be redeemed. The residual amount
outstanding in each bond plus accrued interest and call premium
(for GEP01) will be deposited in defeasance accounts upon
settlement of the new bond whereby the existing bonds terms and
conditions will be waived until the full repayments of the existing
bonds have been effectuated.
Pareto Securities AS acted as manager and bookrunner for the
bond issue.
OTHER
This information in this release is subject to the disclosure
requirements of ShaMaran Petroleum Corp. under the EU Market Abuse
Regulation. This information was submitted for publication by the
persons below on 11:00 am Pacific
time on June 19, 2018.
ABOUT SHAMARAN
ShaMaran Petroleum Corp. is a Kurdistan focused
production, development and exploration company with a 20.1% (35.1%
following close of the Acquisition) direct interest in the Atrush
oil field. The Atrush field is a world-class discovery which
commenced production in July 2017.
ShaMaran is a Canadian oil and gas company listed on the TSX
Venture Exchange and the NASDAQ Stockholm First North Exchange
(Sweden) 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 Stockholm 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,
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. 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 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.
SOURCE ShaMaran Petroleum Corp.