ShaMaran to Raise $50.4 Million Private Placement

Source: www.gulfoilandgas.com 4/19/2011, Location: Middle East

ShaMaran Petroleum Corp. reports that it intends to sell on a non-brokered, private placement basis, an aggregate of up to 56 million common shares of the Company at a price of $0.90 per share to eligible investors that may include insiders for gross proceeds of approximately $50.4 million.

A 4% finder's fee may be payable on a portion of the private placement for subscriptions received from non-insiders. The common shares issued pursuant to the private placement will be subject to a 4-month hold period. Net proceeds of the private placement will be used towards ongoing work programs in Kurdistan and general working capital purposes.

The foregoing private placement is subject to regulatory approval.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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