TIDMZEN
RNS Number : 1912I
Zenith Energy Ltd
31 March 2020
March 31, 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")
Letter of Intent for US$2 million investment
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 that it has signed a
non-binding Letter of Intent ("LOI") with an Arab consortium of
strategic institutional investors focused on African development
opportunities, to provide an investment of US$2 million in Zenith's
share capital at a price of 2.5 pence per Zenith common share
(equivalent to approximately NOK 0.33 or CAD$0.043 ), representing
a premium of 384% over the closing mid-market price of Zenith's
common shares admitted to trading on the London Stock Exchange on
March 30, 2020 ("Strategic Investment").
Under the terms of the LOI, the Strategic Investment would be
subject to a number of conditions including the completion of the
publicly announced Tunisian Acquisition, as well as the successful
acquisition of two oil production licenses currently being
negotiated with a national oil authority in West Africa (as
announced on March 12, 2020).
The Strategic Investment will also be conditional on the
appointment of a director to Zenith's Board.
Upon completion of the aforementioned acquisitions, it is
anticipated that Zenith will have a daily production in excess of
1,500 barrels of oil per day.
Andrea Cattaneo, Chief Executive Officer, commented:
"It is extremely encouraging to receive such interest from a new
institutional investor, especially during the unprecedented
circumstances the world is currently facing.
The strategy Zenith is pursuing of expanding countercyclically
at a time of great opportunity for portfolio enrichment by
acquiring large, revenue generating oil production assets is
attractive to institutional investors who see material future value
for a junior oil company of our size with a clearly defined set of
development objectives.
We look forward to the journey ahead with confidence in the
belief that once the COVID-19 pandemic begins to be tackled
successfully, and lessens in its impact, there will be a
progressive recovery in financial markets and oil prices."
Further Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Tel: +1 (587)
Officer 315 9031
-----------------------------
E-mail: info@zenithenergy.ca
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Novum Securities Limited Tel: + 44 (0)
- Broker 207 399 9400
-----------------------------
Colin Rowbury
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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.
Forward-Looking Statements and Forward-Looking Information
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", "would", "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 closing of the Strategic
Investment and the corresponding admission of the Company's Common
Shares to the Main Market for listed securities of the London Stock
Exchange, the completion of the Tunisian Acquisition, the
acquisition of two oil production licenses in West Africa, and the
potential daily production levels of the Company.
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 realize its growth
opportunities and the 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 realize
growth opportunities, risks associated with the oil and gas
industry in general (e.g., operational risks in development,
exploration and production; the uncertainty of reserve estimates;
the uncertainty of estimates and projections relating to
production, costs and expenses, and health, safety and
environmental risks), constraint in the availability of services,
commodity price and exchange rate fluctuations, changes in
legislation impacting the oil and gas industry, adverse weather or
break-up conditions and uncertainties resulting from potential
delays or changes in plans with respect to exploration or
development projects or capital expenditures.
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 these cautionary statements.
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
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