TIDMZEN
RNS Number : 9787G
Zenith Energy Ltd
12 November 2018
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION INTO OR IN THE
UNITED STATES, JAPAN OR AUSTRALIA. THIS ANNOUNCEMENT DOES NOT
CONSTITUTE AN OFFER TO SUBSCRIBE OR PURCHASE ANY OF THE SECURITIES
DESCRIBED HEREIN
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon
publication of this announcement via a regulatory information
service ("RIS"), the inside information contained in this document
is now considered to be in the public domain.
November 12, 2018
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Completion of Private Placement following Admission to Merkur
Market
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; TSX.V:
ZEE; OSE: ZENA-ME) the listed international oil & gas
production company operating the largest onshore oilfield in
Azerbaijan, is pleased to announce the completion of a second
Private Placement following its Admission to the Merkur Market of
the Oslo Børs. The Merkur Market is a multilateral trading facility
owned and operated by the Oslo Børs.
As announced on November 7, 2018, in order to satisfy the Merkur
Market admission requirements the Company completed a private
placement with Norwegian investors raising gross proceeds of NOK
7,273,850 (approximately GBP668,300 or CAD$1,141,600) through the
placement of 20,782,429 common shares of no par value at a
subscription price of NOK 0.35 per share (approximately GBP0.032 or
CAD$0.055 per Placement Share).
On November 9, 2018 after the close of the market and as a
result of market demand, Zenith completed a second private
placement with Norwegian investors raising gross proceeds of NOK
1,000,000 (approximately GBP91,700 or CAD$157,000) through the
placement of 2,857,143 common shares of no par value (the
"Placement Shares") at a subscription price of NOK 0.35 per share
(approximately GBP0.032 or CAD$0.055 per Placement Share). The
Placement Shares will be issued in the form of depositary interests
in the VPS, the Norwegian Central Securities Depositary. No
Insider/Person Discharging Managerial Responsibility has subscribed
for Placement Shares.
Following issuance of the Placement Shares on November 9, 2018,
the Company has a total of 239,959,730 common shares in issue and
admitted to trading on the TSX Venture Exchange. It is expected
that admission to trading of the Placement Shares on the Merkur
Market will take place on November 12, 2018. An application for the
Placement Shares to be listed on the standard segment of the UK
Official List and to be admitted to trading on the Main Market of
the London Stock Exchange will be made within 12 months of the
issue of the Placement Shares; the total number of common shares
listed on the standard segment of the UK Official List and admitted
to trading on the Main Market of the London Stock Exchange remains
216,320,158.
As announced on November 7, 2018, the net proceeds of the
aforementioned private placements, completed following the
Company's admission to trading on the Merkur Market, will be
invested in Zenith's Azerbaijan operations.
Orion Securities acted as manager for the Private Placement.
The information included in this announcement is subject to the
disclosure requirements pursuant to the Norwegian Securities
Trading Act.
Further Information:
Zenith Energy Ltd
Andrea Cattaneo
Chief Executive Officer
E-mail: info@zenithenergy.ca
Tel: +1 (587) 315 9031
Allenby Capital Limited - Financial Adviser
Nick Harriss
Nick Athanas
Tel: + 44 (0) 203 328 5656
Daniel Stewart & Company Plc - Joint Broker
Robert Emmet - Corporate Broking
Tel: + 44 (0) 207 776 6550
Optiva Securities - Joint Broker
Christian Dennis
Tel: + 44 (0) 203 137 1903
Vigo Communications - PR Adviser
Patrick d'Ancona
Chris McMahon
Tel: +44 (0) 20 7930 0230
Orion Securities - Financial Adviser
John E Skajem
Tel: + 47 4188 7412
This announcement and the information contained herein is issued
for information purposes only and does not constitute an offer to
sell or a solicitation of an offer to buy any of the securities
described herein, including the Placement Shares.
Notes to Editors:
Zenith Energy Ltd. is an international oil and gas production
company, listed on the TSX Venture Exchange (TSX.V:ZEE) and London
Stock Exchange (LSE:ZEN). In addition, the Company's common share
capital was admitted to trading on the Merkur Market of the Oslo
Børs (ZENA:ME) on November 8, 2018. The Merkur Market is a
multilateral trading facility owned and operated by the Oslo
Børs.
The Company was assigned a medium to long-term issuer credit
rating of "B+" with Positive Outlook on October 8, 2018 by Arc
Ratings, S.A.
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, 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.
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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