Investors include Richard Chandler and Crest Energy International
By Devika Patel
Knoxville, Tenn., April 4 - WesternZagros Resources Ltd. said it completed a C$14.29 million non-brokered private placement of stock. The deal priced for C$63.75 million on March 11.
The company sold 11,431,422 common shares at C$1.25 each, which is a 25% premium to the March 8 closing share price of C$1.00.
Richard Chandler Corp. invested C$11.43 million, and Crest Energy International Ltd. invested C$2.86 million.
Proceeds will be used for WesternZagros' 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$14,289,278
|
| Shares: | 11,431,422
|
| Price: | C$1.25
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investor: | Richard Chandler Corp. (for C$11,434,089) and Crest Energy International Ltd. (for C$2,855,189)
|
| Pricing date: | March 11
|
| Settlement date: | April 4
|
| Stock symbol: | TSX Venture: WZR
|
| Stock price: | C$1.00 at close March 8
|
| Market capitalization: | C$457.72 million
|
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