WesternZagros Resources Ltd.
TSX VENTURE : WZR

WesternZagros Resources Ltd.

November 08, 2014 00:22 ET

WesternZagros Files Amendment to Final Rights Offering Prospectus

CALGARY, ALBERTA--(Marketwired - Nov. 8, 2014) - WesternZagros Resources Ltd. (TSX VENTURE:WZR) ("WesternZagros" or the "Company") announces that it has filed and obtained a receipt for an amendment (the "Amendment") to its final prospectus dated October 6, 2014 (the "Prospectus") relating to a rights offering (the "Rights Offering") to subscribe for common shares of WesternZagros (the "Common Shares") for gross proceeds of up to approximately CDN$250 million. The Amendment was filed in connection with the Company's recent announcement on November 4, 2014 that operations on the Kurdamir Block and the drilling of the Kurdamir-4 well will be deferred while additional consultation takes place with the Ministry of Natural Resources of the Kurdistan Regional Government to refine the development plan for the Kurdamir Block. The Company has also filed a registration statement on Form F-7 with the Securities and Exchange Commission in the United States relating to the Rights Offering.

Under the terms of the Rights Offering, holders (the "Shareholders") of the outstanding Common Shares of record at 5:00 p.m. (Toronto time) on October 20, 2014 received one right ("Right") for each Common Share held. Every 1.23928 Rights entitles the holder thereof to subscribe for one Common Share at a subscription price of CDN$0.65 per Common Share until 5:00 p.m. (Toronto time) on November 14, 2014.

Before a Shareholder exercises his, her or its Rights, the Shareholder should read the Prospectus, as amended by the Amendment, that the Company has filed in Canada and in the United States with the Securities and Exchange Commission, as well as the documents that are incorporated by reference therein, for more complete information about the Company and the Rights Offering. Shareholders may obtain copies of these documents free of charge by visiting SEDAR at www.sedar.com or EDGAR at www.sec.gov. Alternatively, copies of these documents may be obtained by contacting the Company at (403) 693.7001. A copy of the Amendment is also being mailed to all Shareholders who originally received the Prospectus.

The Company has retained Kingsdale Shareholder Services to act as information agent (the "Information Agent") for the Rights Offering. Questions and requests for assistance may be directed to the Information Agent at 1-877-657-5859 (North American Toll Free Phone) or by email at contactus@kingsdaleshareholder.com.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, state or jurisdiction.

About WesternZagros Resources Ltd.

WesternZagros is an international natural resources company focused on acquiring properties and exploring for, developing and producing crude oil and natural gas in Iraq. WesternZagros, through its wholly-owned subsidiaries, holds a 40 percent working interest in two Production Sharing Contracts with the Kurdistan Regional Government in the Kurdistan Region of Iraq. WesternZagros's shares trade in Canada on the TSX Venture Exchange under the symbol "WZR".

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

Contact Information

  • WesternZagros Resources Ltd.
    Greg Stevenson
    Chief Financial Officer
    (403) 693-7007

    WesternZagros Resources Ltd.
    Tony Kraljic
    VP Business Development
    (403) 693-7011

    WesternZagros Resources Ltd.
    Lisa Harriman
    Manager of Investor Relations
    (403) 693-7017
    investorrelations@westernzagros.com
    www.westernzagros.com