WesternZagros Resources Ltd. closes Equity Financing for C$200M and Debt Financing for US$200M

On November 18, 2014, WesternZagros Resources Ltd., an international natural resources company focused on developing and producing crude oil and natural gas in Iraq, closed its previously announced rights offering which expired on November 14, 2014 (the "Rights Offering"). The Rights Offering, together with a comprehensive equity backstop arrangement provided by, Crest Energy International LLC ("Crest"), generated CDN$200 million in gross proceeds to the Company which will be used to fund development costs on the Company's Kurdamir and Garmian blocks in the Kurdistan Region of Iraq and for general and administrative purposes. Crest also provided the Company with a separate debt financing arrangement of US$200 million.

Norton Rose Fulbright represented WesternZagros Resources Ltd., with a team led by Lianne Tysowski and included Jennifer Kennedy, Darren Hueppelsheuser, Kirsty Sklar, Rick Borden, Danielle Maksimow, Peter Allegretto, Zahra Allidina, and Kate Stevens.