August 20,
2024
ZENITH ENERGY
LTD.
("Zenith" or the
"Company")
Payment of Outstanding Notes
of 2024 Bond
Zenith Energy
Ltd. (LSE: ZEN; OSE:
ZENA; OTCQB: ZENAF), the international energy
production and development company, is pleased to provide an update
following the regulatory news announcement dated July 23, 2024,
regarding the successful conclusion of the last Bond Exchange Offer
announced on April 22, 2024 (the "Bond Exchange"), preceded
by the first Bond Exchange Offer announced
on January 25,
2024, both attracting significant support and
investor participation (collectively, the "Exchanges").
By way of background, the Exchanges
were directed to Noteholders (the "Noteholders") of the following
unsecured debt instruments that matured on January 27,
2024 (the
"Outstanding
Notes"):
· Euro
10.125% Notes due on 27 January
2024 (XS2108546735)
· USD
10.300% Notes due on 27 January
2024 (XS2108546651)
· GBP 10.375% Notes due
on 27 January 2024 (XS2108546578)
Payment in cash to Noteholders who did not participate in the
Exchanges
Those Noteholders, holding
approximately 11.76% of the Outstanding Notes, who did not
participate in the Exchanges will receive settlement of the
Outstanding Notes and accrued interest by way of cash (the
"Remaining Outstanding
Notes").
The Company gives notice that
the Remaining Outstanding Notes will be paid as follows:
·
September 25, 2024, in the amount of 20% (twenty
percent) of the Remaining Outstanding Notes, and
·
October 25, 2024, payment of the balance of the
Remaining Outstanding Notes and accrued interest.
Andrea Cattaneo, Chief Executive Officer,
commented:
"We are very pleased to have now brought this
matter to a successful conclusion with the planned settlement in
cash of the Remaining Outstanding Notes to those investors who did
not participate in the Exchanges.
The Exchanges have been a resounding success, attracting
participation from the vast majority of Noteholders, and providing
clear evidence of investor confidence in the Company's future, made
possible by its established history as a fully compliant debt
issuer. This is especially important as we approach potentially
very significant progress with the expected publication of the
decision in respect of the first ICC arbitration later this
year."
Further
Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Officer
|
Tel: +1 (587) 315 1279
E: info@zenithenergy.ca
|
Notes to Editors:
Zenith Energy Ltd. is a revenue
generating, independent energy company with energy production,
exploration and development assets in North Africa, the US
and Europe. The Company is listed on the London Stock Exchange
Main Market (LSE: ZEN), the Euronext Growth of the Oslo Stock
Exchange (OSE: ZENA) and the Venture Market of
the OTCQB (OTCQB: ZENAF).
Zenith's strategic focus is on
pursuing development opportunities through the development of
proven revenue generating energy production assets, as well as
low-risk exploration activities in assets with existing
production.
For more information, please
visit: www.zenithenergy.ca
Twitter: @zenithenergyltd
LinkedIn: https://bit.ly/3A5PRJb