Funds earmarked for company's 2011/2012 capital and operating program
By Devika Patel
Knoxville, Tenn., Oct. 17 - WesternZagros Resources Ltd. said it has negotiated a C$46.62 million private placement of stock with Abu Dhabi National Energy Co. PJSC.
The company will sell 74 million common shares at C$0.63 each, which is a 34.04% premium to the Oct. 14 closing share price of C$0.47.
Settlement is expected Oct. 31.
Proceeds will be used towards WesternZagros's 2011/2012 capital and operating program.
"This landmark agreement represents a significant leap forward for us," chief executive officer Simon Hatfield said in a press release. "Abu Dhabi National Energy is an excellent strategic investor for WesternZagros, given their proven track record, their support for our direction and their deep knowledge of our operating region.
"We are excited about the opportunities we are pursuing in the next twelve months, including further appraisal of the Sarqala and Kurdamir discoveries, and exploration drilling at Mil Qasim. We remain confident that our conservative, step-wise approach to realizing the full potential of our exceptional exploration assets will deliver results for our shareholders in the future," he added.
WesternZagros is a Calgary, Alta.-based oil and gas exploration and production company. All its assets are in the Kurdistan region of Iraq.
| Issuer: | WesternZagros Resources Ltd.
|
| Issue: | Common shares
|
| Amount: | C$46.62 million
|
| Shares: | 74 million
|
| Price: | C$0.63
|
| Warrants: | No
|
| Investor: | Abu Dhabi National Energy Co. PJSC
|
| Pricing date: | Oct. 17
|
| Settlement date: | Oct. 31
|
| Stock symbol: | TSX Venture: WZR
|
| Stock price: | C$0.47 at close Oct. 14
|
| Market capitalization: | C$184.27 million
|
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