WesternZagros Resources plans C$40 million private placement of stock

Deal, brokered by TD Securities and Scotia, has C$10 million greenshoe

By Devika Patel

Knoxville, Tenn., Feb. 23 - WesternZagros Resources Ltd. said it will conduct a private placement of stock. The company plans to raise C$40 million on an overnight-marketed best-efforts basis.

The deal will be conducted by an agent syndicate led by TD Securities Inc. and Scotia Capital Inc. The agents have a greenshoe for C$10 million.

Settlement is expected March 10.

Proceeds will be used for drilling of the company's Sarqala-1 re-entry well and the Mil Qasim-1 exploration well, exploration on its oil and gas properties, working capital and general corporate purposes.

WesternZagros is an oil and gas exploration and production company based in Calgary, Alta. All its assets are in the Kurdistan region of Iraq.

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