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ShaMaran Petroleum to Raise $47.45M to
Fund Projects in Iraqi Kurdistan
2.9.2010 |
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September 2, 2010
VANCOUVER, BRITISH COLUMBIA, —
ShaMaran Petroleum Corp., a Canadian oil producer,
is raising $47.45 million in a private placement of
common stock to fund its projects in Iraqi Kurdistan
region and for general working capital.
The Vancouver-based company is issuing 111.2 million
shares of common stock for 42.76 cents each,
reflecting a discount of 4.4% based on today's
closing price. The offering represents a 21.2% stake
in the company.
The company said it may pay a finder's fee of 5% on
all or part of the total raised, though it didn't
identify a placement agent or finder. The company
also didn't identify the investors in the PIPE.
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This marks the second PIPE for ShaMaran, which
previously raised $97.75 million in the private
placement of a prepaid warrant in September 2009.
ShaMaran posted a second quarter loss of $3.38
million, compared with profit of $3.56 million a
year earlier.
Oil and gas producers have raised more than $5.76
billion in 80 private placements year to date,
according to PrivateRaise, DealFlow Media's data
arm.
ShaMaran Petroleum Corp
ShaMaran Petroleum Corp. is a Kurdistan focused oil
development and exploration vehicle. Its initial
three projects in the region are the Pulkhana
development/appraisal block and the Arbat and K42
exploration blocks. These projects are nearby and on
trend with recent discoveries made by Genel Enerji/Addax
Petroleum (Taq Taq field),www.ekurd.netHeritage
Oil Corp. (Miran) and others.
Kurdistan lies within the northern extension of the
Zagros Folded Belt and is estimated to contain
roughly half of Iraq's estimated 115 billion barrels
of oil reserves. The area is highly underexplored
and is currently undergoing a massive exploration
and development campaign by over 30 mid to large
size international oil companies.
ShaMaran Petroleum is a Canadian oil and gas company
listed on the TSX Venture under the symbol "SNM".
Copyright, respective
author or news agency, dealflowmedia com |
shamaranpetroleum com
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