Investor Crest Energy also provides $57.5 million 6% 18-month loan
By Devika Patel
Knoxville, Tenn., March 11 - WesternZagros Resources Ltd. said it has negotiated a C$63.75 million non-brokered private placement of stock with Crest Energy International LLC.
The company will sell 51 million common shares at C$1.25 each, which is a 25% premium to the March 8 closing share price of C$1.00.
In addition, Crest has agreed to loan the company $57.5 million. The 6% loan will be due in 18 months.
Settlement is expected March 18.
Proceeds will be used for WesternZagros's 2013 capital and operating program.
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, loan
|
| Amount: | C$63.75 million, $57.5 million
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investor: | Crest Energy International LLC
|
| Pricing date: | March 11
|
| Settlement date: | March 18
|
| Stock symbol: | TSX Venture: WZR
|
| Stock price: | C$1.00 at close March 8
|
| Market capitalization: | C$461.55 million
|
|
|
| Shares
|
| Amount: | C$63.75 million
|
| Shares: | 51 million
|
| Price: | C$1.25
|
|
|
| Loan
|
| Amount: | $57.5 million
|
| Maturity: | 18 months
|
| Coupon: | 6%
|
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