TIDMZEN
RNS Number : 8051U
Zenith Energy Ltd
02 April 2019
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.
April 2, 2019
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Issue of Equity
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 that as result of market demand
it has completed one offering in the United Kingdom (the "UK
Financing"), and plans to complete another financing in Canada,
which remains subject to TSX-V approval (the "Canadian Financing"
and together, the "Financings"). The Financings have been
negotiated with a consortium of private and institutional investors
and have raised an aggregate total amount of approximately
GBP1,020,000 (approximately CAD$1,790,000 or NOK 11,515,000).
The Company intends to use the aggregate proceeds of the
Financings to provide additional funding for its existing well
deepening programme in Azerbaijan and for general working
capital.
Canadian Financing
Zenith plans to issue a total of 20,000,000 common shares of no
par value in the capital of the Company ("Common Shares") at a
price of CAD$0.05 in connection with the Canadian Financing to
raise gross proceeds of CAD$1,000,000 (approximately GBP570,000 or
NOK 6,435,000) (the "Canadian Financing Common Shares").
The Canadian Financing Common Shares are subject to a four-month
hold period under the rules and regulations of the TSX Venture
Exchange and applicable Canadian securities laws. An application
for the Canadian Financing Common Shares to be listed on the
standard segment of the FCA Official List and to be admitted to
trading on the London Stock Exchange Main Market for listed
securities will be made within 12 months of the issue of the
Canadian Financing Common Shares.
The Canadian Financing remains subject to TSX-V approval.
UK Financing
Zenith has issued a total of 17,647,059 Common Shares of no par
value in the capital of the Company at a price of GBP0.0255
(approximately CAD$0.045)(the "UK Financing Issue Price") in
connection with the UK Financing (the "UK Financing Common Shares")
to raise gross proceeds of GBP450,000 (approximately CAD$790,000 or
NOK 5,080,000).
The UK Financing Issue Price is at a discount of 12 percent to
the closing market price of GBP0.029 per common share admitted to
trading on the standard segment of the FCA Official List of the
London Stock Exchange Main Market for listed securities on April 1,
2019.
Application has been made for the UK Financing Common Shares to
be admitted to the standard segment of the FCA Official List and to
trading on the London Stock Exchange Main Market for listed
securities ("Admission").
It is expected that Admission will become effective and that
unconditional dealings in the UK Financing Common Shares will
commence on or around 8.00 a.m. (BST) on April 4, 2019.
Total Voting Rights
Following the aforementioned UK Financing, and following the
approval and the completion of the Canadian Financing, the Company
wishes to announce, in accordance with the Financial Conduct
Authority's Disclosure Guidance and Transparency Rules, the
following information following Admission:
Class of share Total number Number of voting Total number
of shares rights per of voting rights
share per class of
share
Common shares in issue
and admitted to trading
on the Main Market of
the London Stock Exchange 244,069,911 1 244,069,911
--------------------- ------------------- ---------------------
Common shares in issue
and admitted to trading
on the TSXV 298,074,123 1 298,074,123
--------------------- ------------------- ---------------------
Common shares in issue
and admitted to trading
on the Merkur Market
of the Oslo Børs 298,074,123 1 298,074,123
--------------------- ------------------- ---------------------
No shares are held 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.
Appointment of Joint Broker
The Company is pleased to announce the appointment of Peterhouse
Capital Limited as joint corporate broker to the Company on the
London Stock Exchange with immediate effect.
Andrea Cattaneo, Chief Executive Officer, commented:
"We are pleased to have received significant interest from new
institutional and private investors, as well as existing
shareholders. As has been communicated to the market, we are about
to begin drilling activities in the Jafarli Field which have the
potential to transform the Company. The capital raised will be
invested directly into our drilling operations in order ensure the
best execution possible. We are confident that a positive result
will provide exceptional value for shareholders and set Zenith on
course for a highly successful development during 2019."
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as such term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Further Information:
Zenith Energy Ltd Tel: +1 (587) 315 9031
Andrea Cattaneo, Chief Executive E-mail: info@zenithenergy.ca
Officer
-----------------------------
Optiva Securities - Joint Broker Tel: + 44 (0) 203 981 4179
-----------------------------
Christian Dennis
-----------------------------
Jonathan Brown
-----------------------------
Peterhouse Capital - Joint Broker Tel: + 44 (0) 207 469 0930
-----------------------------
Lucy Williams
-----------------------------
Charles Goodfellow
-----------------------------
Allenby Capital Limited - Financial Tel: + 44 (0) 203 328 5656
Adviser
-----------------------------
Nick Harriss
-----------------------------
Nick Athanas
-----------------------------
IFC Advisory - Financial PR & IR Tel: + 44 (0) 203 934 6630
-----------------------------
Graham Herring
-----------------------------
Miles Nolan
-----------------------------
Zach Cohen
-----------------------------
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 Republic of Azerbaijan, 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.
Forward-looking statements
This news release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "objective", "ongoing",
"may", "will", "project", "should", "believe", "plans", "intends"
and similar expressions are intended to identify forward-looking
information or statements. More particularly and without
limitation, this press release contains forward-looking statements
and information concerning the admission of Zenith common shares to
the Main Market for listed securities of the London Stock Exchange,
as well as the potential of its drilling operations in certain of
the Company's wells. The forward-looking statements and information
are based on certain key expectations and assumptions made by
Zenith, including the ability to execute its strategy and realise
its growth opportunities including its ability to finance and
execute its plans. Although Zenith believes that the expectations
and assumptions on which such forward-looking statements and
information are based are reasonable, undue reliance should not be
placed on the forward-looking statements and information because
the Company can give no assurance that they will prove to be
correct. All timing given in this announcement, unless stated
otherwise is indicative and while the Company endeavours to provide
accurate timing to the market, it cautions that due to the nature
of its operations and reliance on third parties this is subject to
change often at little or no notice. By its nature, such
forward-looking information is subject to certain risks and
uncertainties (both general and specific) that could cause actual
events or outcomes to differ materially from those anticipated or
implied by such forward-looking statements. These risks and
uncertainties include, but are not limited to, Zenith being unable
to finance or realise growth opportunities. Readers are cautioned
not to place undue reliance on this forward-looking information,
which is given as of the date hereof, and to not use such
forward-looking information for anything other than its intended
purpose. Zenith undertakes no obligation to update publicly or
revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by law.
The forward-looking information contained herein is expressly
qualified by this cautionary statement.
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
IOECKBDNABKKFQK
(END) Dow Jones Newswires
April 02, 2019 02:45 ET (06:45 GMT)
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