- ShaMaran Petroleum Corp. (SNM) has announced an equity rights offering in the amount of approximately US$30.5 million
- US$30 million is underwritten by its major shareholder, Nemesia Holdings S.à.r.l.
- ShaMaran will distribute one right to each shareholder for each share held
- Four rights will entitle the holder to acquire one common share of ShaMaran for an exercise price of C$0.07
- The rights will be listed for trading on TSX Venture Exchange under the symbol SNM.RT
- ShaMaran Petroleum is a Canada-based oil development and exploration company
- ShaMaran Petroleum Corp. (SNM) opened trading at C$0.09 per share
ShaMaran Petroleum Corp. (SNM) has announced an equity rights offering in the amount of approximately US$30.5 million.
US$30 million is underwritten by its major shareholder, Nemesia Holdings S.à.r.l. The company intends to use the proceeds raised from the rights offering for general corporate and administrative purposes.
ShaMaran will distribute one right to each shareholder for each share held. Four rights will entitle the holder to acquire one common share of ShaMaran for an exercise price of C$0.07.
The Rights will only be issued to shareholders who are resident in an “eligible jurisdiction”, namely Sweden and Canada.
Nemesia Holdings has agreed to purchase all equity securities of ShaMaran under the rights offering not otherwise subscribed for by other rightsholders up to a maximum of US$30 million.
The rights will be listed for trading on TSX Venture Exchange under the symbol SNM.RT.
ShaMaran Petroleum is a Canada-based, Kurdistan-focused oil development and exploration company.
ShaMaran Petroleum Corp. (SNM) opened trading at C$0.09 per share.
