Company sells 4% notes to funds managed by Paulson through offering
By Devika Patel
Knoxville, Tenn., June 18 - WesternZagros Resources Ltd. said it took in C$70 million by selling 4% convertible senior notes to funds managed by Paulson & Co. Inc. in a non-brokered private placement.
The notes, which are due Dec. 31, 2015 and were sold at par of C$1,000, are convertible into common shares at C$1.45 per share, an 11.54% premium to the June 17 closing share price of C$1.30.
Proceeds were used to repay the remaining Crest Energy International debt of $44.5 million plus interest. The remaining proceeds will be used to fund the company's capital and operating activities.
Based in Calgary, Alta., WesternZagros is an oil and gas exploration and production company.
| Issuer: | WesternZagros Resources Ltd.
|
| Issue: | Convertible senior notes
|
| Amount: | C$70 million
|
| Maturity: | Dec. 31, 2015
|
| Coupon: | 4%
|
| Price: | Par of C$1,000
|
| Conversion price: | C$1.45
|
| Conversion premium: | 11.54%
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investor: | Paulson & Co. Inc.
|
| Settlement date: | June 18
|
| Stock symbol: | TSX Venture: WZR
|
| Stock price: | C$1.30 at close June 17
|
| Market capitalization: | C$628.71 million
|
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