Zenith Energy Ltd Credit Line Agreement & Debt Settlement (1139Q)
24 2월 2021 - 4:00PM
UK Regulatory
TIDMZEN
RNS Number : 1139Q
Zenith Energy Ltd
24 February 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
February 24, 2021
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Credit Line Agreement & Debt Settlement
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE:
ZENA), the listed international oil & gas production company
focused on pursuing African development opportunities, is pleased
to announce that it has entered into a revolving line of credit
agreement for a period of one year with a financial institution
(the "Lender") for an amount of up to EUR 1,500,000 (the "Credit
Line").
Under the terms of the Credit Line, interest shall accrue at a
rate of 9 per cent per annum in respect of any amount advanced by
the Lender.
The Company can confirm that, in accordance with the terms of
the Credit Line, it has made a drawdown for a total amount of EUR
500,000.
Use of Proceeds
The Company will utilise funds received from the Credit Line to
strengthen its cash position in view of potential additional asset
acquisition opportunities and for general working capital
purposes.
Issue of Share Subscription Warrants (the "Warrants")
In connection with the Credit Line, the Company has issued the
Lender the following Warrants with a duration of one year:
-- 85 million Warrants to acquire one common share for each
Warrant at an exercise price of NOK 0.20 (equivalent to
approximately GBP0.017).
-- 85 million Warrants to acquire one common share for each
Warrant at an exercise price of NOK 0.25 (equivalent to
approximately GBP0.022).
Debt Settlement by way of equity issuance
The Company has issued a total of 1,816,410 new common shares
("Debt Settlement Shares") at a price of NOK 0.145 (equivalent to
approximately GBP0.0124) to settle an amount owed by the Company to
a creditor wishing to be paid in equity.
An application for the Debt Settlement 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 the issuance of the
aforementioned Debt Settlement Shares.
Class of share Total number Number Total number of
of shares of voting voting rights per
rights class of share
per 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 1,072,460,760 1 1,072,460,760
--------------- ------------ --------------------
Andrea Cattaneo, Chief Executive Officer of Zenith,
commented:
"In view of the potential near-term progress the Company may
achieve in respect of its publicly announced objectives in Africa,
we have sought to minimise any form of equity issuance and finance
our activities via other instruments.
I look forward to updating the market in due course at this very
exciting juncture in our development against a backdrop of a
significantly improving oil price environment."
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 oil
& gas sector, specifically in Africa.
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