TIDMZEN
RNS Number : 0692S
Zenith Energy Ltd
21 June 2018
June 21, 2018
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA,
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ANNOUNCEMENT
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 ("MAR").
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Successful Fundraising of GBP2.17 million
Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE: ZEN;
TSX.V: ZEE), the international oil and gas production company
operating the largest onshore oilfield in Azerbaijan, yesterday
announced a Placing, a Subscription and the launch of an offer via
PrimaryBid. The Company is pleased to announce that it has raised
gross proceeds totalling, in aggregate, GBP2,166,898 through the
successful Placing, Subscription and PrimaryBid Offer.
As a result of the Placing, Subscription and PrimaryBid Offer
the Company will issue a total of 54,172,451 new common shares,
(the "New Common Shares").
Application has been made to the UK Listing Authority for the
New Common Shares and the 6,721,647 Admission Shares (as defined in
the prospectus dated 20 June 2018) to be admitted to the standard
segment of the Official List of the UKLA and to the London Stock
Exchange for admission to trading on the main market for listed
securities of the London Stock Exchange ("Admission"). The New
Common Shares and the Admission Shares will rank pari passu in all
respects with the Company's existing Common Shares and it is
expected that Admission will become effective and that dealings in
the New Common Shares and the Admission Shares will commence on or
around 8.00 a.m. on 26 June 2018. An application will also be made
for the New Common Shares to be listed on the TSX Venture
Exchange.
The enlarged issued share capital following Admission will be
214,094,217 common shares and the New Common Shares will comprise
approximately 25.3 per cent. of the enlarged issued share capital
on Admission.
The Company announces that, following the closing of the
PrimaryBid Offer, the trading halt on the TSXV will be lifted with
effect from 9:30 a.m. Toronto time / 1:30 p.m. London time.
Unless otherwise defined, capitalised terms shall have the
meaning as those set out in the Company's announcements of 20 June
2018.
For further information please contact:
Zenith Energy Ltd.
Andrea Cattaneo
Chief Executive Officer
E-mail: info@zenithenergy.ca
Tel: +1 (587) 315 9031
Vigo Communications - PR Adviser
Patrick d'Ancona
Chris McMahon
Kate Rogucheva
Tel: +44 (0) 20 7830 9700
Daniel Stewart & Company Plc - (Joint Broker)
Robert Emmet- Corporate Broking
Nikhil Varghese- Corporate Finance
Tel: + 44 (0) 207 776 6550
Optiva Securities - (Joint Broker)
Christian Dennis
Tel: + 44 (0) 203 137 1903
Allenby Capital Limited - (Financial Adviser)
Nick Harriss
Nick Athanas
Tel: + 44 (0) 203 328 5656
PrimaryBid
Dave Mutton
Tel: + 44 (0) 20 7491 6519
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
Admission and commencement of unconditional 8.00 a.m. on 26 June
dealings in the Placing Shares, Subscription 2018
Shares, Offer Shares and Admission Shares
CREST members' accounts credited in respect 8.00 a.m. on 26 June
of Depository Interests 2018
Despatch of definitive share certificates 3 July 2018
for Shares no later than
These dates and times are indicative only, subject to change and
may be brought forward as well as moved back, in which case new
dates and times will be announced. All references to time in this
timetable are to London, UK time unless otherwise stated and each
of the times and dates are indicative only and may be subject to
change.
Notes to Editors:
Zenith Energy Ltd. is an international oil and gas production
company, dual listed on the TSX Venture Exchange and London Stock
Exchange.
The Company operates the largest onshore oilfield in Azerbaijan
following the signing of a 25-year REDPSA, (Rehabilitation,
Exploration, Development and Production Sharing Agreement), with
SOCAR, State Oil Company of the Azerbaijan Republic, in 2016.
The Company's primary focus is the development of its Azerbaijan
operations by leveraging its technical expertise and financial
resources to maximise low-cost oil production via a systematic
field rehabilitation programme intended to achieve significantly
increased revenue. Zenith also operates, or has working interests
in, a number of natural gas production concessions in Italy. The
Company's Italian operations produce natural gas, natural gas
condensate and electricity.
Zenith's development strategy is to identify and rapidly seize
value-accretive hydrocarbon production opportunities in the onshore
oil & gas sector. The Company's Board of Directors and senior
management team have the experience and technical expertise to
develop the Company successfully.
To find out more, visit www.zenithenergy.ca or follow Zenith on
Twitter @zenithenergyltd
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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