VANCOUVER, July 5, 2018 /CNW/ - ShaMaran
Petroleum Corp. ("ShaMaran" or the "Corporation") (TSX
Venture: SNM), (NASDAQ First North: SNM) is pleased to announce
that it has issued the USD 240
million senior unsecured bonds previously announced on
June 19th, 2018 under ISIN
NO 00108264456 and with settlement date of today. View PDF
Version
Proceeds from the new bond issue have been used to retire the
existing bonds of the Company's wholly owned subsidiary, General
Exploration Partners, Inc.
In connection with the bond issue, Nemesia S.à.r.l. ("Nemesia"),
a company controlled by a trust settled by the estate of the late
Adolf H. Lundin, has agreed to
undertake a guarantee of the Company's obligation to fund, on or
before July 5, 2019, 12 month's bond
coupon interest in a debt service retention account pledged to the
bond trustee (the "Liquidity Guarantee"). In exchange for the
Liquidity Guarantee the Company has agreed, subject to obtaining
all requisite regulatory body approvals, to issue to Nemesia
2,000,000 common shares of ShaMaran as fully paid shares and, in
case of a draw down on the Liquidity Guarantee, a further 50,000
shares of ShaMaran for each USD
500,000 drawn down per month until the drawn amount is
repaid.
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 at 2:30 p.m. Pacific
time on July 5, 2018.
ABOUT SHAMARAN
ShaMaran Petroleum Corp. is a Kurdistan focused
production, development and exploration company with a 20.1% direct
interest in the Atrush oil field. As announced in ShaMaran's
June 4, 2018 news release, the
Company has signed an agreement with Marathon Oil KDV B.V. to
acquire its 15% interest in the Atrush Block. 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.