TIDMZEN
RNS Number : 6828Z
Zenith Energy Ltd
18 December 2017
December 18, 2017
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")
Exercise of Stock Options and Exercise of Warrants
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,
announces that Mr. Erik Larre, a Non-Executive Director of the
Company, and Mr. Luca Benedetto, Chief Financial Officer of the
Company, have exercised stock options. Zenith also announces that
an investor in the Company has elected to exercise warrants.
Exercise of Stock Options
Mr. Larre has today exercised stock options to acquire 500,000
common shares of no par value in the capital of the Company, (the
"New Shares"), at an exercise price (the "Options Price") of
CAD$0.10 (approximately GBP0.06) per New Share at a total of cost
of CAD$50,000, (approximately GBP30,000).
Mr. Benedetto has today exercised stock options to acquire a
total of 1,150,000 common shares of no par value in the capital of
the Company, (the "New Shares"), at an Options Price of CAD$0.10
(approximately GBP0.06) per New Share for 400,000 New Shares, and
an Options Price of CAD$0.15 per New Share for 750,000 New Shares
at a total of cost of CAD$152,500, (approximately GBP91,500).
The Stock Options Plan, (the "Plan"), was approved by
shareholders at the Company's last AGM, held on January 20,
2017.
Exercise of Warrants
The Company also announces that an investor in the Company has
today exercised warrants to acquire 100,000 new common shares of no
par value (the "Warrant Shares") in the capital of the Company. The
exercise price of the warrants was CAD$0.20 per Warrant Share,
(approximately GBP0.12), at a total of cost of CAD$20,000
(approximately GBP12,000).
Total Voting Rights
As a result of these dealings, the Company will issue a total of
1,750,000 new common shares (the "New Common Shares"). An
application will be made for the New Common Shares to be admitted
to the standard segment of the Financial Conduct Authority UK
Official List and to trading on the Main Market for listed
securities of the London Stock Exchange (the "Admission"). The New
Common Shares will rank pari passu in all respects with the
existing common shares of the Company. 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
December 22, 2017.
Following Admission of the New Common Shares, the Company will
have 144,200,119 common shares in issue and admitted to trading on
the Main Market of the London Stock Exchange and the Toronto Stock
Exchange Venture Exchange. The above figure 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 change to their interest in, the share capital of
the Company under the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules.
Transfer of Shares
Mr. Larre and Mr. Benedetto have advised the Company that they
intend to transfer their respective New Shares to certain advisers
as compensation for services rendered to Mr. Larre and Mr.
Benedetto, respectively.
As a result of these two transactions, Mr. Larre will be
beneficially interested in a total of 4,334,068, common shares in
the Company, representing 3.01 per cent of the Company's issued
common share capital, as enlarged by the issue of New Common
Shares.
For further information please contact:
Zenith Energy Ltd.
Andrea Cattaneo
Chief Executive Officer
Email: info@zenithenergy.ca
Telephone: +1 (587) 315 9031
Telefax: +1 (403) 775 4474
Optiva Securities - (Joint Broker)
Christian Dennis
Telephone: + 44 (0) 203 137 1903
Beaufort Securities Limited - (Joint Broker)
Jon Belliss
Telephone: +44 207 382 8300
Allenby Capital Limited - (Financial Adviser)
Nick Harriss
Nick Athanas
Telephone: + 44 (0) 203 328 5656
Yellow Jersey (Financial PR/IR)
Tim Thompson
Telephone: +44 (0) 203 735 8825
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
1 Details of the person discharging
managerial responsibilities
/ person closely associated
---- --------------------------------------------------------------
a) Name Erik Larre
---- -------------------------------- ----------------------------
2 Reason for the notification
---- --------------------------------------------------------------
a) Position/status Non-Executive
Director
---- -------------------------------- ----------------------------
b) Initial notification/Amendment Initial Notification
---- -------------------------------- ----------------------------
3 Details of the issuer, emission
allowance market participant,
auction platform, auctioneer
or auction monitor
---- --------------------------------------------------------------
a) Name Zenith Energy
Ltd.
---- -------------------------------- ----------------------------
b) LEI 213800AYTYOYD61S4569
---- -------------------------------- ----------------------------
4 Details of the transaction(s):
section to be repeated for (i)
each type of instrument; (ii)
each type of transaction; (iii)
each date; and (iv) each place
where transactions have been
conducted
---- --------------------------------------------------------------
a) Description of the Stock Options
financial instrument, (New Common Shares)
type of instrument
---- -------------------------------- ----------------------------
Identification code CA98936C1068
---- -------------------------------- ----------------------------
b) Nature of the transaction Exercise of Stock
Options
---- -------------------------------- ----------------------------
c) Price(s) and volumes(s) Price(s) Volume(s)
---- -------------------------------- ------------- -------------
CAD$0.10 50000
--------------------------------------------------- -------------
d) Aggregated information N/A (single transaction)
---- -------------------------------- ----------------------------
Aggregated volume
----------------------------------------------- ------------------
Price
----------------------------------------------- ------------------
e) Date of the transaction December 18,
2017
---- -------------------------------- ----------------------------
f) Place of the transaction Toronto Stock
Exchange
1 Details of the person discharging
managerial responsibilities
/ person closely associated
---- ----------------------------------------------------------
a) Name Luca Benedetto
---- -------------------------------- ------------------------
2 Reason for the notification
---- ----------------------------------------------------------
a) Position/status Chief Financial
Officer
---- -------------------------------- ------------------------
b) Initial notification/Amendment Initial Notification
---- -------------------------------- ------------------------
3 Details of the issuer, emission
allowance market participant,
auction platform, auctioneer
or auction monitor
---- ----------------------------------------------------------
a) Name Zenith Energy
Ltd.
---- -------------------------------- ------------------------
b) LEI 213800AYTYOYD61S4569
---- -------------------------------- ------------------------
4 Details of the transaction(s):
section to be repeated for (i)
each type of instrument; (ii)
each type of transaction; (iii)
each date; and (iv) each place
where transactions have been
conducted
---- ----------------------------------------------------------
a) Description of Stock Options
the financial (New Common Shares)
instrument, type
of instrument
---- -------------------------------- ------------------------
Identification CA98936C1068
code
---- -------------------------------- ------------------------
b) Nature of the Exercise of Stock
transaction Options
---- -------------------------------- ------------------------
c) Price(s) and volumes(s) Price(s) Volume(s)
---- -------------------------------- ----------- -----------
CAD$0.10 400000
------------------------------------------------- -----------
CAD$0.15 750000
------------------------------------------------- -----------
d) Date of the transaction December 18,
2017
---- -------------------------------- ------------------------
e) Place of the transaction Toronto Stock
Exchange
---- -------------------------------- ------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
DSHFMMMZDRNGNZM
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