Zenith Energy Ltd Loan Facility for African Development (6882U)
31 7월 2020 - 3:30PM
UK Regulatory
TIDMZEN
RNS Number : 6882U
Zenith Energy Ltd
31 July 2020
July 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")
Loan Facility for African Development
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE:
ZENA-ME), the listed international oil & gas production
company, is pleased to announce that its Italian subsidiary has
received approval to be awarded a legally binding loan facility
(the "Loan") for an amount of approximately EUR 300,000 from an
Italian governmental entity.
The Loan attracts an interest rate of 0.85 per cent, has a grace
period of 24 months during which only the interest will be payable,
normal financial covenants, and a duration of 6 years.
Under the terms of the Loan, all funds to be disbursed are to be
utilised for the purpose of the establishment of commercial
activities in Africa, specifically in the Republic of Congo and the
broader West Africa region.
The Company plans to file an application for a second loan
facility of this kind, designed to assist Italian commercial
enterprises in the current challenging financial climate, for the
purpose of making infrastructural investments in its Italian
natural gas, condensate and electricity production operations.
Andrea Cattaneo, Chief Executive Officer of Zenith,
commented:
"We are pleased to have received approval for this Loan, which
has very favourable conditions and will be used to further increase
our investment in Africa at this time, specifically in the Congo
and the broader West Africa region.
Indeed, as publicly announced on June 16, 2020, we are currently
in negotiations with two pan-African financial institutions for a
loan facility that will be used to fund the acquisition and
development of Zenith's growing portfolio in West Africa.
I look forward to updating shareholders on progress in due
course."
Total Voting Rights
The Company wishes to announce, in accordance with the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules, the
following information.
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 313,400,824 1 313,400,824
--------------- ------------ -------------------
Common Shares in
issue and admitted
to trading on the
Merkur Market of
the Oslo Børs 852,072,921 1 852,072,921
--------------- ------------ -------------------
Zenith holds 25,395,828 Common Shares 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
-----------------------------
Notes to Editors :
Zenith Energy Ltd. is an international oil and gas production
company, listed on the London Stock Exchange (LSE:ZEN) and the
Merkur Market of the Oslo Stock Exchange (ZENA:ME).
Zenith's development strategy is to identify and rapidly seize
value-accretive hydrocarbon production opportunities in the onshore
oil & gas sector, specifically in Africa. 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
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