VANCOUVER, BC, Jan. 27,
2025 /CNW/ - ShaMaran Petroleum Corp. ("ShaMaran"
or the "Company") (TSXV: SNM) (Nasdaq First North: SNM)
announces that it will repay a portion of the 12% senior unsecured
bond (ISIN NO0011057622) (the "Bond") on January 30, 2025. The Company expects to repay
approximately $26.8 million (13% of
the current total outstanding amount) at par pro rata to all
bondholders utilizing the cash sweep mechanism under the amended
and restated Bond terms dated June 27,
2024. The total outstanding amount of the Bond following the
partial repayment will be approximately $173.1 million. PDF Version
At January 24, 2025, the Company had cash
of approximately $58.4 million.
Pro forma for the partial bond repayment described above, net debt
would be approximately $130.3
million (including the $173.1 million bond
and $15.6 million related-party loan).
Except as otherwise indicated, all currency amounts indicated as
"$" in this news release are expressed in United States dollars.
About ShaMaran Petroleum Corp.
ShaMaran is a Canadian independent oil and gas company focused
on the Kurdistan region of
Iraq. The Company indirectly holds
a 50% working interest in the Atrush Block and an 18% working
interest in the Sarsang Block. The Company is listed in
Toronto on the TSX Venture
Exchange and in Stockholm on
Nasdaq First North Growth Market (ticker "SNM"). ShaMaran is part
of the Lundin Group of Companies.
Important Information
ShaMaran is obliged to make this information public pursuant
to the EU Market Abuse Regulation. This information was submitted
for publication through the agency of the contact person set out
below on January 27, 2025,
at 2:00 a.m. Eastern Time.
The Company's certified advisor on Nasdaq First North Growth
Market is FNCA Sweden AB.
Forward-Looking Statements
Certain statements contained in this press release constitute
forward-looking information. These statements relate to future
events or the Company's future performance, business prospects and
opportunities, which are based on assumptions of
management.
The use of any of the words "will", "expected", "planned" and
similar expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on the Company's current belief or
assumptions as to the outcome and timing of certain future events.
Certain information set forth in this news release contains
forward-looking statements. These forward-looking statements
involve risks and uncertainties relating to, among other things,
changes in oil prices, results of exploration and development
activities, including results, timing and costs of seismic,
drilling and development related activity in the Company's area of
operations, uninsured risks, regulatory changes, defects in title,
availability of funds required to participate in the development
activities, availability of financing on reasonable terms,
availability of materials and equipment on satisfactory terms,
outcome of commercial negotiations with government and other
regulatory authorities, timeliness of government or other
regulatory approvals, actual performance of facilities,
availability of third party service providers, equipment and
processes relative to specifications and expectations and
unanticipated environmental impacts on operations. The risks
outlined above should not be construed as exhaustive. Additional
information on these and other factors that could affect the
Company's operations and financial results are included in the
Company's annual information form for the year ended December 31, 2023, and other reports on file with
the Canadian Securities Regulatory Authorities that can be accessed
on the Company's profile on SEDAR+. Actual future results may
differ materially. The forward-looking information contained in
this release is made as of the date hereof, and the Company is not
obligated to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except as required by applicable securities laws. Because of the
risks, uncertainties and assumptions contained herein, investors
should not place undue reliance on forward-looking information. The
foregoing statements expressly qualify any forward-looking
information.
Neither 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.
SOURCE ShaMaran Petroleum Corp.
