Lorito Holdings S.a.r.l.

Zebra Holdings & Investments S.a.r.l.

September 21, 2010 13:38 ET

Lorito Holdings S.a.r.l. and Zebra Holdings and Investments S.a.r.l.: Corporate Update

LUXEMBOURG, LUXEMBOURG--(Marketwire - Sept. 21, 2010) - Lorito Holdings S.a.r.l. ("Lorito") and Zebra Holdings & Investments S.a.r.l. ("Zebra") announce that on September 17, 2010 they acquired 11,933,333 common shares and 47,906,967 common shares respectively, of ShaMaran Petroleum Corp. (the "Company") for an aggregate of 59,840,300 common shares. The common shares were issued at a price of $0.45 each for total consideration of $26,928,135.

The common shares were issued to Lorito and Zebra pursuant to a private placement. Prior to the issuance of the common shares, Lorito and Zebra owned an aggregate of 39,653,700 common shares of the Company or approximately 7.74% of the Company's then issued and outstanding share capital. The two entities now own 99,494,000 common shares or approximately 15.97% of the Company's current issued and outstanding share capital. Lorito and Zebra each relied upon the accredited investor exemption provided for in section 2.3 of National Instrument 45-106 in connection with the issuance of the common shares.

Lorito and Zebra have acquired securities in the Company for investment purposes only and may, in the ordinary course of their business, acquire additional securities of the Company depending on market and other conditions.

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.

Contact Information

  • Lorito Holdings S.a.r.l.
    Zebra Holdings & Investments S.a.r.l.
    Mr. Aksel Azrac
    + 352-266-448-1