Zenith Energy Ltd Debt Reduction & Exercise of Warrants (6954K)
06 1월 2021 - 4:00PM
UK Regulatory
TIDMZEN
RNS Number : 6954K
Zenith Energy Ltd
06 January 2021
January 6, 2021
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")
Debt Reduction & Exercise of Warrants
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, is pleased
to announce that it fully repaid one and partially settled the
second of the two credit agreements entered into with a local
financial institution in Azerbaijan for a total amount of
approximately US$442,000.
As disclosed in the latest audited accounts for the financial
year ended March 31, 2020, the Company had two general line of
credit agreements (the "Credit Agreements") for an outstanding
combined principal amount of US$480,000; interest has continued to
accrue.
Following the aforementioned payments, the outstanding principal
amount in relation to the remaining Credit Agreement is
US$54,650.00 plus accrued interest which is now payable by June 30,
2021.
Exercise of Warrants
An investor in the Company has exercised warrants to acquire a
total of 28,571,429 new common shares of no par value (the "Common
Shares") in the capital of the Company with an exercise price of
NOK 0.15 (equivalent to approximately GBP0.013) for a total
consideration of 4,285,714 NOK (approximately GBP371,000) (the
"Warrant Shares").
The Warrant Shares were issued yesterday, January 5, 2021, and
will rank pari passu in all respects with the existing common
shares of the Company.
An application for the Warrant 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
per class of 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 Euronext Growth
Market of the
Oslo Børs
- representing
the total outstanding
common share capital
of the Company 1,070,644,350 1 1,070,644,350
--------------- ------------ -----------------
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
-----------------------------
Allenby Capital Limited - Financial
Adviser & Broker
-----------------------------
Nick Harriss Tel: + 44 (0) 203 328
Nick Athanas 5656
-----------------------------
Notes to Editors :
Zenith Energy Ltd. is an international oil and gas production
company, listed on the London Stock Exchange (LSE: ZEN) and the
Euronext Growth Market of the Oslo Stock Exchange (OSE: ZENA).
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.
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END
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