C$3.03 million greenshoe exercised; proceeds fund drilling of wells
By Devika Patel
Knoxville, Tenn., March 10 - WesternZagros Resources Ltd. said it concluded a private placement of stock. The deal priced for C$40.01 million with a C$10.01 million greenshoe on Feb. 24. The company raised C$43.04 million on an overnight-marketed best efforts basis.
The company sold 89,665,352 common shares at C$0.48 each. Of the shares, 6,315,352 were part of the C$3.03 million partially exercised greenshoe. The price per share is a 2.04% discount to the Feb. 23 closing share price of C$0.49.
The deal was conducted by an agent syndicate led by TD Securities Inc. and Scotia Capital Inc. and including Macquarie Capital Markets Canada Ltd., RBC Capital Markets and Stifel Nicolaus Canada Inc.
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. All its assets are in the Kurdistan region of Iraq.
| Issuer: | WesternZagros Resources Ltd.
|
| Issue: | Common shares
|
| Amount: | C$43,039,369 (including C$3,031,369 greenshoe)
|
| Shares: | 89,665,352
|
| Price: | C$0.48
|
| Warrants: | No
|
| Agents: | TD Securities Inc. and Scotia Capital Inc. (leads), Macquarie Capital Markets Canada Ltd., RBC Capital Markets and Stifel Nicolaus Canada Inc.
|
| Announcement date: | Feb. 23
|
| Pricing date: | Feb. 24
|
| Settlement date: | March 10
|
| Stock symbol: | TSX Venture: WZR
|
| Stock price: | C$0.49 at close Feb. 23
|
| Market capitalization: | C$93.36 million
|
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