VANCOUVER, BC, July 16, 2021 /CNW/ - ShaMaran Petroleum
Corp. ("ShaMaran" or the "Company") (TSXV: SNM) (NASDAQ First
North Growth Market: SNM) is pleased to announce that a new
USD 300 million bond, with 4-year
tenor has been priced at 12% fixed semi-annual coupon. The new
bond is issued at 98.5% of nominal value which is applicable to
both new money under the Initial Issue Amount of USD 111.5 million and the refinancing of existing
debt under the Tap Issue. Settlement of the Initial Issue Amount is
expected to be on July 30, 2021. The
proceeds from the bond issue will be used to refinance USD 175 million of the currently outstanding
USD 180 million bonds, to
refinance USD 7.2 million of existing subordinated debt,
finance the Sarsang acquisition announced July 12, 2021 and general corporate purposes.
Cash proceeds from the new bond will be placed in an escrow account
and will only be released upon satisfaction of the closing
conditions to the Sarsang acquisition. View PDF version
Furthermore, issuance of the new bond is conditional on approval
by sixty-six 2/3% of bondholders through a written resolution in
the existing bond (ISIN NO 0010826456). Voting deadline for the
written resolution is July 27, 2021.
Pareto Securities AS acted as manager and bookrunner for the
bond issue. Arkwright London acted as bond advisor to
ShaMaran.
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. Forward-looking information in this press release
include, among other things: the proposed use of proceeds of the
private placement. 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 of these 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. The Company may elect to use the
proceeds of the private placement in a different manner than as
described above if the Company determines it is in its best
interests to do so.
OTHER
This information is information that ShaMaran is obliged to make
public pursuant to the EU Market Abuse Regulation. This
information was submitted for publication, through the agency of
the contact persons set out below, on July
16, 2021 at 12:00 p.m. Eastern
Time.
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 First North Growth Market (Stockholm), +46 8402 5000,
certifiedadviser.se@paretosec.com .
ABOUT SHAMARAN
ShaMaran is a Kurdistan focused
oil development and exploration company which currently holds a
27.6% working interest, through its wholly-owned subsidiary General
Exploration Partners, Inc., in the Atrush Block and upon successful
closing of the Sarsang acquisition will hold an 18% interest
through its then wholly-owned subsidiary TEPKRI Sarsang A/S in the
Sarsang Block.
ShaMaran is a Canadian oil and gas company listed on the TSX
Venture Exchange and the Nasdaq First North Growth Market
(Sweden) under the symbol "SNM"
and is part of the "Lundin Group of Companies".
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SOURCE ShaMaran Petroleum Corp.