Zenith Energy Ltd Completion of Financing (4273V)

TIDMZEN

RNS Number : 4273V

Zenith Energy Ltd

06 August 2020

August 6, 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")

Completion of Financing

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA-ME), the listed international oil & gas production company focused on pursuing African development opportunities, announces that it has completed a private placement in Norway (the "Financing").

The Financing has attracted the participation of existing private and institutional investors, to raise an aggregate total amount of approximately NOK 7,200,000 (approximately GBP604,000)

Issue Price

The issue price of the Financing was NOK 0.08 per common share of no par value in the capital of the Company ("Common Shares"), equivalent to approximately GBP0.007 (0.7 pence).

Use of Proceeds

The proceeds of the Financing will be used to provide additional fund for the Company's publicly announced acquisition campaign in Africa, as well as for general working capital purposes.

Financing Overview

Zenith has issued a total of 90,000,000 new Common Share units ("Units"). Each Unit comprises 1 Common Share and half a warrant. The Company therefore issued 90,000,000 new Common Shares in connection with the Financing and 45,000,000 Common Share purchase warrants (the "Warrants") exercisable within 12 months at an exercise price of NOK 0.15.

An application for the new Common Shares to be listed on the standard segment of the FCA Official List and to be admitted for trading on the London Stock Exchange Main Market for listed securities will be made within 12 months of the issue date.

Total Voting Rights

The Company wishes to announce, in accordance with the Financial Conduct Authority's Disclosure Guidance and Transparency Rules, the following revised information resulting from completion of the Financing.

 
 
   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 
  - representing the 
  total outstanding 
  common share capital 
  of the Company              942,072,921        1               942,072,921 
                          ---------------  ------------  -------------------

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.

Appointment of Financial Adviser and Corporate Broker

Zenith is pleased to announce the appointment of Allenby Capital Limited as the Company's financial adviser and broker on the London Stock Exchange.

Further Information:

 
 Zenith Energy Ltd 
 Andrea Cattaneo, Chief Executive Officer      Tel: +1 (587) 315 9031 
                                              ----------------------------- 
                                               E-mail: info@zenithenergy.ca 
                                              ----------------------------- 
 Allenby Capital Limited - Financial Adviser 
  & Broker 
                                              ----------------------------- 
 Nick Harriss                                  Tel: + 44 (0) 203 328 5656 
  Nick Athanas 
                                              -----------------------------

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.

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August 06, 2020 13:09 ET (17:09 GMT)

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