Zenith Energy Ltd Private Placement in Norway (2205B)
29 1월 2020 - 4:00PM
UK Regulatory
TIDMZEN
RNS Number : 2205B
Zenith Energy Ltd
29 January 2020
January 29, 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")
Private Placement in Norway
Zenith Energy Ltd., ("Zenith" or the "Company), (LSE: ZEN;
TSX.V: ZEE; OSE: ZENA-ME), the international oil & gas
production company, is pleased to announce a Private Placement
("Private Placement") on the Merkur Market of the Oslo Stock
Exchange.
The Company has successfully raised gross proceeds of NOK
11,105,882 (approximately GBP935,000 or CAD$1,610,000) to subscribe
for 55,529,412 common shares of no par value in the capital of the
Company ("New Common Shares") at a price of NOK 0.20 per New Common
Share.
Payment and issue of the New Common Shares to complete the
Private Placement is expected on or around January 31, 2020.
The Private Placement attracted strong interest from both
private and institutional investors, including significant existing
shareholders in Zenith.
Zenith intends to use the net proceeds for business development
activities (including the purchase of new components for its
drilling equipment), operational matters related to the recent
Anglo African Oil & Gas plc transaction and additional working
capital.
The final completion of the Private Placement is subject to
approval from the TSX Venture Exchange.
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 of Number of Total number of
shares voting rights voting rights
per share per class of share
Common Shares in
issue and admitted
to trading on the
Main Market of
the London Stock
Exchange 277,403,856 1 277,403,856
---------------- --------------- --------------------
Common Shares in
issue and admitted
to trading on the
TSXV 507,072,921 1 507,072,921
---------------- --------------- --------------------
Common Shares in
issue and admitted
to trading on the
Merkur Market of
the Oslo Børs 507,072,921 1 507,072,921
---------------- --------------- --------------------
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.
Further Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Tel: +1 (587) 315 9031
Officer
-----------------------------
E-mail: info@zenithenergy.ca
-----------------------------
Novum Securities Limited - Broker Tel: + 44 (0) 207 399
9400
-----------------------------
Charlie Brook-Partridge
-----------------------------
Hugh McAlister
-----------------------------
IFC Advisory Limited - Financial Tel: + 44 (0) 203 934
PR & IR 6630
-----------------------------
Graham Herring
-----------------------------
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 9, 2019 by Arc
Ratings, S.A. On November 18, 2019, the Company was assigned a "B+"
with Stable Outlook debt issuer credit rating by Rating-Agentur
Expert RA.
The Company operates the largest onshore oilfield in Azerbaijan
by cumulative acreage 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.
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
IOEFLFIALAITFII
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January 29, 2020 02:00 ET (07:00 GMT)
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