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ShaMaran Petroleum Corp.
Private Placement

We acted for ShaMaran Petroleum Corp. in respect of a private placement of an aggregate of 360,000,000 common shares at a price of CDN $0.10 per share for gross proceeds of CDN $36 million (US $27.3 million). All of the shares were placed outside of Canada and the United States. ShaMaran completed the private placement on January 30, 2017 and proposes to use the net proceeds primarily to fund the Company’s expenditures related to the Atrush field development in the Kurdistan region of Iraq and for general corporate purposes.

ShaMaran is a TSXV and NASDAQ First North listed oil and gas exploration company focusing on oil development and exploration in the Kurdistan region of Iraq.