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Westernzagros Resources ltd Secures $123 Million Financing from Crest Energy International

Monday, 11 Mar 2013 01:41am EDT 

Westernzagros Resources ltd announced that it has entered into an investment agreement (the Investment Agreement) with Crest Energy International LLC (Crest). Under the Investment Agreement, Crest will purchase, through a non-brokered private placement, 51,000,000 Common Shares in the Company at $1.25 per share for gross proceeds of $63.75 million (the Private Placement). Crest currently holds 9.9% of the issued and outstanding Common Shares and following completion of the Private Placement will hold approximately 19.8%. In addition, WesternZagros and Crest have entered into a senior secured loan agreement (the Loan Agreement) pursuant to which Crest has agreed to loan to WesternZagros USD57.5 million (approx. $59.2 million) (the Loan). The Loan will accrue interest at the rate of 6% per annum and will be secured by 10% of the outstanding shares of WesternZagros's operating subsidiary. The proceeds from the Private Placement and the Loan will be used for WesternZagros's 2013 capital and operating program pursuant to which the Company will focus on the continued appraisal of the Kurdamir Oligocene discovery, exploration activities on the Garmian Block and continued appraisal of the existing Sarqala discovery. The Company expects the closing to occur on or before March 18, 2013. 

Company Quote

-0.02 -3.17%
1:03pm EST