ShaMaran Posts Private Placement

ShaMaran intends to sell on a non-brokered, private placement basis, an aggregate of up to 56 million common shares of the Company at a price of $0.90 per share to eligible investors that may include insiders for gross proceeds of approximately $50.4 million.

A 4% finder's fee may be payable on a portion of the private placement for subscriptions received from non-insiders. The common shares issued pursuant to the private placement will be subject to a 4 month hold period. Net proceeds of the private placement will be used towards ongoing work programs in Kurdistan and general working capital purposes.

The foregoing private placement is subject to regulatory approval.