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WesternZagros Resources Ltd. Secures CAD57 Million Strategic Investment From Crest Energy International LLC And Receives Funds From Gazprom Neft Middle East B.V.


Tuesday, 7 Aug 2012 07:30am EDT 

WesternZagros Resources Ltd. announced that it has signed a strategic investment agreement (the "Agreement") with Crest Energy International LLC ("Crest"). Under the Agreement, Crest will purchase, through a non-brokered, private placement, 40,714,286 Common Shares of the Company at Cdn$1.40 per share for gross proceeds of CAD57 million. This price represents an approximate 10% premium to the August 4, 2012 closing share price. When this private placement is completed, Crest will own just under 10% of the Company's issued and outstanding Common Shares. In addition, WesternZagros confirms receipt of approximately CAD83 million from Gazprom Neft Middle East B.V. (Gazprom Neft B.V.) with respect to the Amended Garmian Production Sharing Contract (Amended Garmian PSC) and the Third Party Participant assignment in the Garmian Block (Garmian TPP). The Amended Garmian PSC also provides for an approximately CAD27 million reconciliation with the Kurdistan Regional Government (KRG) with the net amount retained by WesternZagros being CAD56 million. The Company expects the closing to occur on or around August 10, 2012. 

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