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WesternZagros Secures $123 Mln Financing from Crest Energy International

WesternZagros Resources Ltd. (WZR.V) has entered into an investment agreement with Crest Energy International LLC. Under the investment agreement, Crest will purchase, through a non-brokered private placement, 51 million common shares in the company at $1.25 per share for gross proceeds of $63.75 million.

Crest currently holds 9.9% of the issued and outstanding common shares and following completion of the Private Placement will hold approximately 19.8%.

The proceeds from the private placement and the loan will be used for WesternZagros's 2013 capital and operating program.

WZR has jumped 11% to $1.11, with 52-week range of $0.65 - $1.49.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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