VANCOUVER, BC, Jan. 26, 2021 /CNW/ - ShaMaran Petroleum
Corp. ("ShaMaran" or the "Company") (TSXV: SNM) (Nasdaq First
North Growth Market: NSM) provides the following update to
stakeholders in connection with the Company's news release dated
January 12, 2021 regarding the
Proposal that was submitted to the Bondholders relating to the
Company's 12% senior unsecured bonds due 2023 (ISIN: NO
001082645.6). View PDF version.
ShaMaran is pleased to announce that the Proposal has been
approved with the full support of all of the Bondholders voting on
the Proposal. This approval will permit the Company to use
its "free cash" in excess of USD 15
million to buy back its Bonds in the market to satisfy the
cash sweep redemption requirement agreed in last Summer's amendment
and restatement of the Bond Terms. All Bonds so re-purchased
will be retired by the Company. Should the Company not be
able to buy sufficient Bonds in the market at commercially
attractive rates then any remaining amount of "free cash" shall be
used to redeem that principal amount of Bonds at par on a pro
rata basis.
Dr. Adel Chaouch, President and
Chief Executive Officer of ShaMaran commented: "We are pleased to
receive today's full support of the Bondholders who voted on the
Company's Proposal. The terms of the Proposal are now being
implemented and will provide ShaMaran added financial flexibility
to strengthen the Company's financial position."
OTHER
This information is information that ShaMaran Petroleum Corp. is
obliged to make public pursuant to the EU Market Abuse Regulation.
The information was submitted for publication, through the agency
of the contact persons set out below, at 5:30 p.m. Eastern Time on January 26, 2021. Pareto Securities AB is
the Company's Certified Advisor on Nasdaq First North Growth
Market, +46 84 02 5000, certifiedadviser.se@paretosec.com.
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.
ABOUT SHAMARAN
ShaMaran is a Kurdistan focused
oil development and exploration company which holds a 27.6% working
interest in the Atrush Block through its wholly-owned subsidiary,
General Exploration Partners, Inc.
ShaMaran is a Canadian oil and gas company listed on the TSX
Venture Exchange and the Nasdaq First North Growth Market
(Stockholm) under the symbol
"SNM".
SOURCE ShaMaran Petroleum Corp.