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Shamaran Petroleum Corp
Symbol SNM
Shares Issued 2,235,249,658
Close 2022-05-20 C$ 0.095
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Shamaran's rights offering expires

2022-05-20 20:53 ET - News Release

Mr. Adel Chaouch reports

SHAMARAN ANNOUNCES EXPIRY OF RIGHTS OFFERING

Further to Shamaran's news releases of April 5, 2022, April 7, 2022, and April 26, 2022, Shamaran Petroleum Corp.'s rights offering expired at 5 p.m. Eastern Time today. Pursuant to the rights offering, each Shamaran shareholder of record on April 13, 2022, who was an eligible holder or approved holder (as such terms were defined in the company's rights offering circular dated April 5, 2022, as amended), received one right for every one common share of Shamaran held. Four rights permitted the holder to purchase one common share at the price of 6.825 cents (0.52 Swedish krona) per common share. A total of 2,060,115,323 rights were exercised.

Shamaran is working with its rights agent in Canada: (a) to calculate the breakdown of common shares issuable under the basic subscription privilege, the additional subscription privilege and the standby commitment payment (if any) to be made by Shamaran's major shareholder Nemesia Sarl (1) and converted into common shares at the price of 6.825 cents; and (b) to determine the gross proceeds in U.S. dollars received in connection with the rights offering and will provide details, including the information required by National Instrument 45-106 (Prospectus Exemptions), once available.

Adel Chaouch, president and chief executive officer, commented, "I am very pleased with today's announcement that the rights offering has concluded as planned, and we are looking forward to announcing the details of the rights offering in due course."

Pareto Securities AB acted as technical adviser to the rights offering in Sweden, and Computershare Investor Services Inc. acted as rights agent in Canada. Pareto is not registered as a dealer in any Canadian jurisdiction and, accordingly, has not, directly or indirectly, solicited offers to purchase or sell common shares or rights in Canada.

About Shamaran Petroleum Corp.

Shamaran is a Kurdistan-focused oil development and exploration company which holds a 27.6-per-cent interest, through its wholly owned subsidiary General Exploration Partners Inc., in the Atrush block and as announced in the company's news release of July 12, 2021, upon successful closing of the acquisition from a TotalEnergies' affiliate, will then also hold an 18-per-cent 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.

Note (1): Nemesia and Zebra Holdings and Investment Sarl, which report their securityholdings as joint actors, are private companies ultimately controlled by a trust whose settlor is the estate of the late Adolf H. Lundin.

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