Deal sells 40,714,286 common shares at C$1.40 apiece to Crest Energy
By Devika Patel
Knoxville, Tenn., Aug. 7 - WesternZagros Resources Ltd. said it has negotiated a C$57 million non-brokered private placement of stock with Crest Energy International LLC.
The company will sell 40,714,286 common shares at C$1.40 each, which is a 9.38% premium to the Aug. 3 closing share price of C$1.28.
Settlement is expected Aug. 10.
"The Crest financing and the Garmian TPP assignment will help us to pursue a number of attractive opportunities by accelerating our drilling programs," chief executive officer Simon Hatfield said in a press release. "Securing this funding facilitates our next stage of growth and development. Crest is an excellent investor for WesternZagros. The firm is already active in Kurdistan and is a founding member with the United States Kurdistan Business Council. The Council has a mandate to promote economic opportunities and support the development of the Kurdistan Region as a secure, stable and economically prosperous area of Iraq."
Calgary, Alta.-based WesternZagros is an oil and gas exploration and production company. All of its assets are in the Kurdistan region of Iraq.
| Issuer: | WesternZagros Resources Ltd.
|
| Issue: | Common shares
|
| Amount: | C$57 million
|
| Shares: | 40,714,286
|
| Price: | C$1.40
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investor: | Crest Energy International LLC
|
| Pricing date: | Aug. 7
|
| Settlement date: | Aug. 10
|
| Stock symbol: | TSX Venture: WZR
|
| Stock price: | C$1.28 at close Aug. 3
|
| Market capitalization: | C$505.02 million
|
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