Zenith Energy Ltd Issue of Equity (8179M)
August 02 2017 - 1:00AM
UK Regulatory
TIDMZEN
RNS Number : 8179M
Zenith Energy Ltd
01 August 2017
August 2, 2017
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Zenith issues equity to fund procurement of oil production
materials
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; TSX.V:
ZEE), the dual listed international oil & gas production
company operating the largest onshore oilfield in Azerbaijan, is
pleased to announce that the Company has entered into an agreement
to proceed with a brokered private placement (the "Private
Placement") to raise gross proceeds of GBP200,000 (approximately
CDN$ 328,162) through the issue of 2,666,667 new common shares of
no par value in the capital of the Company ("New Common Shares") at
a price of GBP0.075 (approximately CDN$ 0.1230606) per share.
The proceeds of the Private Placement will fund the Company's
acquisition of oil production equipment and provide general working
capital. The materials procured will include a blowout preventer
(BOP), drill pipe to be used as a work string, tubing, as well as
an oilfield dog house, lighting equipment and a generator system to
allow a workover rig to operate without the need for nearby
infrastructure. The procurement of this equipment will enable the
Company's personnel to work more efficiently in remote field
locations.
The New Common Shares will comprise approximately 2.706% (two
point seven zero six per cent) of the Company's enlarged issued
share capital at the date of listing on the London Stock Exchange,
and are anticipated to be issued as depository interests in CREST
in the United Kingdom. An application will be made for the New
Common Shares to be admitted to the standard segment of the
Financial Conduct Authority Official List and to trading on the
Main Market for listed securities of the London Stock Exchange (the
"Admission"). An application will also be made for the New Common
Shares to be listed on the TSX Venture Exchange. It is expected
that Admission will become effective and unconditional dealings in
the New Common Shares will begin on August 7, 2017.
Following Admission, the Company's issued share capital will
comprise 123,796,480 common shares with one voting right per share.
No shares are held in Treasury. The total number of voting rights
in the Company will therefore be 123,796,480.
This figure of 123,796,480 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 share capital of
the Company.
The transaction is subject to the Approval of the TSXV in Canada
and of the Main Market of the London Stock Exchange in the United
Kingdom.
Andrea Cattaneo, Chief Executive Officer of Zenith,
commented:
"As we increase our operational momentum we are gradually
improving the quality of our equipment and replenishing our stock
of oil production materials to support Zenith's activities in
Azerbaijan."
For further information, please contact:
Zenith Energy Ltd.
José Ramón López-Portillo
Chairman
Andrea Cattaneo
Chief Executive Officer & President
Email: info@zenithenergy.ca
Telephone: +1 (587) 315 9031
Telefax: +1 (403) 775 4474
Allenby Capital Limited - (Joint Broker)
Nick Harriss
Nick Athanas
Richard Short
Telephone: + 44 (0) 203 328 5656
Optiva Securities - (Joint Broker)
Christian Dennis
Telephone: + 44 (0) 203 137 1903
Abchurch (Financial PR/IR)
Tim Thompson
Telephone: +44 (0) 200 7398 7700
This information is provided by RNS
The company news service from the London Stock Exchange
END
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