Zenith Energy Ltd Private Placement in Norway (9478S)
22 3월 2021 - 4:00PM
UK Regulatory
TIDMZEN
RNS Number : 9478S
Zenith Energy Ltd
22 March 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
March 22, 2021
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Private Placement in Norway
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 completed a private placement in Norway
(the "Private Placement").
The Private Placement has resulted in the issuance of 75 million
new common shares in the share capital of the Company (the "Private
Placement Shares") for a total consideration of NOK 8,625,000
(approximately GBP 725 ,000 or EUR 846 ,000 ). It is expected that
the Private Placement Shares will be issued on March 22, 2021.
Subscription Price
The subscription price of the Placement Shares was NOK 0.115
(equivalent to approximately GBP0.01), a discount of approximately
8.7% in respect of the closing price of the Company's common shares
admitted to trading on the Euronext Growth of the Oslo Stock
Exchange on March 19, 2021.
Use of Proceeds
Proceeds from the Offering will be deployed to fund planned
field development activities to be performed in the Ezzaouia
Concession following the acquisition of Ecumed Petroleum Zarzis Ltd
("EPZ"), announced to the market on March 15, 2021, as well as
providing additional general working capital to support Zenith's
development activities.
Total Voting Rights
The Company wishes to announce, in accordance with the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules and
section 6.2.2 of the Oslo Rule Book II - Issuer Rules, the
following revised information resulting from the issuance of the
Private Placement Shares.
Class of share Total number Number Total number of
of shares of voting voting rights
rights per 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, 163 ,889,331 1 1,163,889,331
---------------- ------------ ---------------------
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.
Andrea Cattaneo, Chief Executive Officer of Zenith,
commented:
"We have developed a strong following in Norway which has been
made clear by the significant liquidity we have seen in recent
times.
Zenith has achieved considerable progress in respect of its
development objectives during the first quarter of 2021 and, with
the rise in oil prices, we are at what the Board believes to be a
defining stage in the Company's development.
One of our primary priorities is the successful management of
our growing production and development portfolio in Tunisia, as
well as building a fruitful long-term relationship with our local
partners. By way of the Private Placement, we have further
strengthened our cash position to enable the potential completion
of additional acquisitions, as well as funding the commencement of
planned field development activities within the Ezzaouia
Concession.
I look forward to reporting on our exciting progress across our
African portfolio in due course."
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
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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