RE:WesternZagros Announces a Combined Financing in Excess of Cd
So the Q2 was supposed to be released August 14, has suddenly been moved to August 21, and we are instead being given this dilutive chestnut to chew on. Sure, the company will have cash to develop the assetts ... b u t.
https://westernzagros.mwnewsroom.com/press-releases/westernzagros-announces-a-combined-financing-in-ex-tsx-venture-wzr-201408140962891001
This looks like about a 1/3rd dillution of the stock -
| Shares Outstanding | Basic: | 474.5 million |
| | Diluted Shares Outstanding: | 570.3 million |
Add to this Rights offer another 200M shares on top of the table above, which we can opt in to on a pro rata basis if I am reading this all correctly
If I'm getting this right, The Rights will be issued for all outstanding share of which 200M will be the max size executable, and over allotments will divi'd up as pro rata ( example parts of shares to be rounded to a whole number)
But there's another cavaet, if I'm reading this correctly: "The Rights will permit holders thereof ("Rightsholders") to purchase, in the aggregate, up to approximately CDN$250 million of Common Shares. The subscription price for each Common Share will be equal to the lesser of: (a) CDN$0.65; and (b) the market price of the Common Shares determined in accordance with applicable Canadian securities laws immediately before the date the Final Prospectus is filed (the "Subscription Price")."
Plus a debt issue with a hefty interest rate.
Quantifying this for me is like trying to nail jello to a wall
Not a happy camper tonight