TIDMZEN
RNS Number : 7029H
Zenith Energy Ltd
02 August 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.
August 2, 2019
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Completion of Financing for Drilling Campaign
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 provide an update on the completion of
the placing in Canada (the "Canadian Placing") announced on August
1, 2019.
Following the completion of the Canadian Placing, Zenith has
issued a total of 47,812,500 Common Shares and 47,812,500 Warrants
raising gross proceeds of CAD$1,912,500 (approximately GBP1,195,000
or NOK 12,856,000).
As announced on August 1, 2019, the Canadian Placing resulted in
the issue of new units at a price of CAD$0.04 consisting of one
common share of no par value in the capital of the Company ("Common
Shares") and one full common share purchase warrant ("Warrants"),
exercisable within 12 months at an exercise price of CAD$0.10
An application for the 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 Common
Shares.
The Company, as announced on August 1, 2019, intends to use the
proceeds of the Canadian Placing to fully fund the execution of
well deepening operations in wells C-37 and C-30 of the Jafarli
field.
Total Voting Rights
The Company wishes to announce, in accordance with the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules, the
following information following Admission of the Common Shares
issued in the Placing:
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 259,715,357 1 259,715,357
----------------------- ------------ -----------------------
Common Shares in
issue and admitted
to trading on the
TSXV 361,532,429 1 361,532,429
----------------------- ------------ -----------------------
Common Shares in
issue and admitted
to trading on the
Merkur Market of
the Oslo Børs 361,532,429 1 361,532,429
----------------------- ------------ -----------------------
No Common 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.
Andrea Cattaneo, Chief Executive Officer of Zenith,
commented:
"I am very pleased that this offering was for the most part
subscribed by large, existing shareholders including Mr. Dean
Clark, as well as two highly respected UK institutional investors
who I thank for their valuable support.
In reflection of my unchanged confidence in the value of the
Company's equity, I have also participated in the Placing and
further information regarding my subscription will be provided to
the market through the applicable disclosures in the days
ahead.
It is no exaggeration to state that the potential of C-37 well
deepening operations makes this one of the most exciting moments
since Zenith's inception."
Further Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Tel: +1 (587) 315 9031
Officer
-----------------------------
E-mail: info@zenithenergy.ca
-----------------------------
Peterhouse Capital - Joint Broker Tel: + 44 (0) 207 469
0930
-----------------------------
Lucy Williams
-----------------------------
Charles Goodfellow
-----------------------------
Novum Securities Limited - Joint Tel: + 44 (0) 207 399
Broker 9400
-----------------------------
Charlie Brook-Partridge
-----------------------------
Hugh McAlister
-----------------------------
IFC Advisory Limited - Financial Tel: + 44 (0) 203 934
PR & IR 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 Common Shares to the
Main Market for listed securities of the London Stock Exchange and
the Merkur section of the Oslo Børs, 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
IOECKBDBABKKPFK
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