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WesternZagros successfully closes the Crest strategic investment


Published Aug 14, 2012
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WesternZagros Resources Ltd.

WesternZagros Resources Ltd. has closed its previously announced strategic investment with Crest Energy International LLC (Crest) whereby Crest has purchased from WesternZagros, through a non-brokered, private placement, 40,714,286 Common Shares of the Company at a price of Cdn$1.40 per share for gross proceeds of $57 million.

Crest now holds approximately 9.88 percent of the Company's issued and outstanding Common Shares.

The Common Shares issued to Crest are subject to a contractual hold period until March 29, 2013, pursuant to the terms of the investment agreement (the "Agreement") entered into between the Company and Crest on August 6, 2012.

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