Zenith Energy Ltd Completion of Financing (2053A)
26 September 2020 - 2:30AM
UK Regulatory
TIDMZEN
RNS Number : 2053A
Zenith Energy Ltd
25 September 2020
September 25, 2020
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.
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Completion of Financing
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE:
ZENA-ME), the listed international oil & gas production company
focused on pursuing African development opportunities, announces
that it has completed a private placement in Norway (the
"Financing").
The Financing has attracted the participation of existing
private investors to raise an aggregate total amount of
approximately NOK 4,500,000 (approximately GBP409,000)
Issue Price
The issue price of the Financing was NOK 0.045 per common share
of no par value in the capital of the Company ("Common Shares"),
equivalent to approximately GBP0.004 (0.4 pence).
Use of Proceeds
The proceeds of the Financing will be used to provide additional
fund for the Company's publicly announced acquisition campaign in
Africa, as well as for general working capital purposes.
Financing Overview
Zenith has issued a total of 100,000,000 new Common Share units
("New Common Shares").
An application for the new Common Shares to be listed on the
standard segment of the FCA Official List and to be admitted for
trading on the London Stock Exchange Main Market for listed
securities will be made within 12 months of the issue date.
Total Voting Rights
The Company wishes to announce, in accordance with the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules, the
following revised information resulting from completion of the
Financing.
Class of share Total number Number Total number
of shares of voting of voting rights
rights per class of
per share share
Common Shares in
issue and admitted
to trading on the
Main Market of
the London Stock
Exchange 313,400,824 1 313,400,824
--------------- ------------ -------------------
Common Shares in
issue and admitted
to trading on the
Merkur Market of
the Oslo Børs
- representing
the total outstanding
common share capital
of the Company 1,042,072,921 1 1,042,072,921
--------------- ------------ -------------------
Zenith holds 25,395,828 Common Shares in treasury. The above
figure for total number of Common Shares may be used by
shareholders in the Company as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change to their interest in, the Company under
the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules.
Further Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Officer Tel: +1 (587) 315 9031
-----------------------------
E-mail: info@zenithenergy.ca
-----------------------------
Allenby Capital Limited - Financial
Adviser & Broker
-----------------------------
Nick Harriss Tel: + 44 (0) 203 328
Nick Athanas 5656
-----------------------------
Notes to Editors:
Zenith Energy Ltd. is an international oil and gas production
company, listed on the London Stock Exchange (LSE:ZEN) and the
Merkur Market of the Oslo Stock Exchange (ZENA:ME).
Zenith's development strategy is to identify and rapidly seize
value-accretive hydrocarbon production opportunities in the onshore
oil & gas sector, specifically in Africa. The Company's board
of directors and senior management team have the experience and
technical expertise to develop the Company successfully.
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END
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