TIDMZEN
RNS Number : 8568Z
Zenith Energy Ltd
26 May 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
May 26, 2021
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Loan for Tunisian Development
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 loan agreement with Winance,
a Dubai registered single-family office (the "Lender"), for a total
amount of EUR 2.1 million (approximately GBP1.8 million or
approximately NOK 21.4 million) (the "Loan Agreement").
Terms
The Loan Agreement has a duration of six months and does not
attract interest.
An upfront arrangement fee, equal to 5 percent of the total
drawdown amount, has been paid to the Lender in accordance with the
terms of the Loan Agreement.
During each month prior to the maturity date, Zenith shall make
repayments in accordance with the Loan Agreement ("Instalments"),
with the first Instalment being payable during the month of July
2021.
100,000,000 new common shares of no par value (the "Reserve
Shares") have been issued to the Lender to be held in a depositary
institution designated by the Lender.
Under the terms of the Loan Agreement, Zenith may elect to pay
each Instalment either by cash or by utilising the Reserve Shares,
by delivering to the Lender an amount of Reserves Shares equivalent
to the quotient obtained by dividing the Instalment Amount by 95
percent of the applicable VWAP (volume weighted average price) for
the period of ten business days prior to the due date for each
Instalment.
New Common Shares held in Treasury
The Company has issued a total of 8,400,000 new common shares at
a price of NOK 0.10 (equivalent to approximately GBP0.085) to be
held in Treasury (the "Treasury Shares").
An application for the Treasury Shares and Reserve 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 and
section 3.10 of the Euronext Growth Oslo Rule Book Part II, the
following revised information resulting from the issuance of the
Reserve Shares and the Treasury Shares.
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
Euronext Growth
Market of the Oslo
Børs - representing
the total outstanding
common share capital
of the Company 1,377,289,331 1 1,377,289,331
--------------- ------------ -------------------
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 are very pleased to have concluded our first financing
agreement with Winance. This is fruit of the considerable effort
made by Zenith's management team in developing our funding strategy
with emphasis towards Arab and Middle Eastern financial
markets.
The Company will use the funds obtained from the Loan to
commence its near-term operational objectives in Tunisia, as well
as providing additional capital for potential acquisitions that the
Company may seek to complete. We shall update the market in due
course regarding our operational programme in Tunisia.
In view of the confidence of the Company's management in the
value creation potential of our possible near-term progress, Zenith
shall seek to minimise the use of the Reserve Shares to fulfil the
obligations arising from the Loan, and instead maximise the use of
the Company's financial resources generated from oil
production."
Waqas Ibrahim, Director and CFO of Winance, commented:
"We are delighted to collaborate with a proficient and esteemed
management team such as that of Zenith Energy. Winance, as a
strategic partner, shall seek to support Zenith's growth
aspirations for the foreseeable future by utilising our extensive
expertise to innovate and adapt to the evolving funding
requirements it may have as it delivers on its ambitious African
development campaign."
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.
About Winance
Winance is a privately held, single family office that provides
tailor-made financing solutions dedicated to small and medium sized
publicly listed companies across the world.
Through the leadership of Myriam Alalouche, Waqas Ibrahim,
Yonathan Parienti and Ranya Laasri, Winance's understanding and
concept of sharing the same vision as that its partners represents
the core to the firm's success.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCGUGDUCUDDGBL
(END) Dow Jones Newswires
May 26, 2021 02:00 ET (06:00 GMT)
Zenith Energy (LSE:ZEN)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Zenith Energy (LSE:ZEN)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024