Business
ShaMaran Waiver Request to Bondholders
ShaMaran Waiver Request to Bondholders Canada NewsWire VANCOUVER, Nov. 19, 2018 ...
About this update from Shamaran Petroleum Corp.
[{"type":"text","content":"\n\n\n\nShaMaran Waiver Request to Bondholders\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Nov. 19, 2018\n\n\n\nVANCOUVER, Nov. 19, 2018 /CNW/ - ShaMaran Petroleum Corp. (\"ShaMaran\" or the \"Company\") (TSX VENTURE: SNM) (NASDAQ First North: SNM) refers to the Company's November 18, 2018 news release advising of developments which have led to the expiry of the Marathon acquisition.  Under the terms of the Company's Bond Agreement (ISIN NO 00108264456) the expiry of the Marathon acquisition creates a Marathon Transaction Longstop Event whereby $50 million plus accrued interest will be repaid to bondholders. While the Company considers its options, it is proposing to seek a waiver from bondholders to keep the $50 million restricted cash on the Marathon Pledge Account. View PDF Version\nPareto Securities AS has been engaged by the Company to seek approval for a waiver from a majority of the bondholders. If supported by a majority of the bondholders, the Company will put forward a proposal of written resolution to temporarily waive the Marathon Transaction Longstop Event and postpone the repayment of the $50 million restricted cash on the Marathon Pledge Account. \nOTHER\nThis information in this release is subject to the disclosure requirements of ShaMaran Petroleum Corp. under the EU Market Abuse Regulation. This information was publicly communicated on November 19, 2018 at 12:15 a.m. Pacific Time.\nABOUT SHAMARAN\nShaMaran Petroleum Corp. is a Kurdistan focused oil development and exploration company with a 20.1% direct interest in the Atrush oil discovery. \nShaMaran is a Canadian oil and gas company listed on the TSX Venture Exchange and the NASDAQ Stockholm First North Exchange (Sweden) under the symbol \"SNM\". Neither the 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. Pareto Securities AB is the Company's Certified Advisor on NASDAQ Stockholm First North.\nFORWARD LOOKING STATEME...