TIDMZEN
RNS Number : 5182H
Zenith Energy Ltd
01 August 2019
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.
August 1, 2019
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Financing of Drilling Campaign
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; TSX.V:
ZEE; OSE: ZENA-ME) the listed international oil & gas
production company operating the largest onshore oilfield in
Azerbaijan, is pleased to announce that it has completed a placing
(the "Placing") of new units ("Units"), with each Unit comprised of
one ordinary common share of no par value in the capital of the
Company ("Common Shares") and one full common share purchase
warrant ("Warrants"), exercisable within 12 months at an exercise
price of CAD$0.10. Each Unit was issued at a price of CAD$0.04
(approximately equivalent to GBP0.025).
Pursuant to the Placing, Zenith has issued a total of 43,012,500
Common Shares and 43,012,500 Warrants, to raise gross proceeds of
CAD$1,720,500 (approximately GBP1,075,000 or NOK 11,407,600).
The Placing has received conditional approval from the TSX
Venture Exchange. Application has also been made for the Common
Shares to be admitted to trading on the Merkur Market of the Oslo
Børs ("Admission").
An application for the Common Shares to be listed on the
standard segment of the FCA Official List and to be admitted to
trading on the London Stock Exchange Main Market for listed
securities will be made within 12 months of the issue of the Common
Shares.
The Company intends to use the proceeds of the Placing to fully
fund the execution of well deepening operations in wells C-37 and
C-30.
Total Voting Rights
The Company wishes to announce, in accordance with the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules, the
following information following Admission of the Financing Common
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 258,404,153 1 258,404,153
---------------------- ------------ ----------------------
Common shares in
issue and admitted
to trading on the
TSXV 355,421,225 1 355,421,225
---------------------- ------------ ----------------------
Common shares in
issue and admitted
to trading on the
Merkur Market of
the Oslo Børs 355,421,225 1 355,421,225
---------------------- ------------ ----------------------
No shares are held in treasury. 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:
"I am confident that a positive result in C-37 and C-30 drilling
operations will be transformational for Zenith's development. I am
grateful to the shareholders who participated in this placing which
ensures that we are now fully funded for the completion of well
deepening operations in the Jafarli field.
I look forward with great excitement to reporting on progress of
C-37 well deepening operations in due course."
Further Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Tel: +1 (587) 315 9031
Officer
-----------------------------
E-mail: info@zenithenergy.ca
-----------------------------
Peterhouse Capital - Joint Broker Tel: + 44 (0) 207 469
0930
-----------------------------
Lucy Williams
-----------------------------
Charles Goodfellow
-----------------------------
Novum Securities Limited - Joint Tel: + 44 (0) 207 399
Broker 9400
-----------------------------
Charlie Brook-Partridge
-----------------------------
Hugh McAlister
-----------------------------
IFC Advisory Limited - Financial Tel: + 44 (0) 203 934
PR & IR 6630
-----------------------------
Graham Herring
-----------------------------
Miles Nolan
-----------------------------
Zach Cohen
-----------------------------
Notes to Editors:
Zenith Energy Ltd. is an international oil and gas production
company, listed on the TSX Venture Exchange (TSX.V:ZEE) and London
Stock Exchange (LSE:ZEN). In addition, the Company's common share
capital was admitted to trading on the Merkur Market of the Oslo
Børs (ZENA:ME) on November 8, 2018. The Merkur Market is a
multilateral trading facility owned and operated by the Oslo
Børs.
The Company was assigned a medium to long-term issuer credit
rating of "B+ with Positive Outlook" on October 8, 2018 by Arc
Ratings, S.A.
The Company operates the largest onshore oilfield in Azerbaijan
following the signing of a 25-year REDPSA, (Rehabilitation,
Exploration, Development and Production Sharing Agreement), with
SOCAR, State Oil Company of the Republic of Azerbaijan, in
2016.
The Company's primary focus is the development of its Azerbaijan
operations by leveraging its technical expertise and financial
resources to maximise low-cost oil production via a systematic
field rehabilitation programme intended to achieve significantly
increased revenue. Zenith also operates, or has working interests
in, a number of natural gas production concessions in Italy. The
Company's Italian operations produce natural gas, condensate and
electricity.
Zenith's development strategy is to identify and rapidly seize
value-accretive hydrocarbon production opportunities in the onshore
oil & gas sector. The Company's Board of Directors and senior
management team have the experience and technical expertise to
develop the Company successfully.
Forward-looking statements
This news release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "objective", "ongoing",
"may", "will", "project", "should", "believe", "plans", "intends"
and similar expressions are intended to identify forward-looking
information or statements. More particularly and without
limitation, this press release contains forward-looking statements
and information concerning the admission of Zenith common shares to
the Main Market for listed securities of the London Stock Exchange,
as well as the potential of its drilling operations in certain of
the Company's wells. The forward-looking statements and information
are based on certain key expectations and assumptions made by
Zenith, including the ability to execute its strategy and realise
its growth opportunities including its ability to finance and
execute its plans. Although Zenith believes that the expectations
and assumptions on which such forward-looking statements and
information are based are reasonable, undue reliance should not be
placed on the forward-looking statements and information because
the Company can give no assurance that they will prove to be
correct. All timing given in this announcement, unless stated
otherwise is indicative and while the Company endeavours to provide
accurate timing to the market, it cautions that due to the nature
of its operations and reliance on third parties this is subject to
change often at little or no notice. By its nature, such
forward-looking information is subject to certain risks and
uncertainties (both general and specific) that could cause actual
events or outcomes to differ materially from those anticipated or
implied by such forward-looking statements. These risks and
uncertainties include, but are not limited to, Zenith being unable
to finance or realise growth opportunities. Readers are cautioned
not to place undue reliance on this forward-looking information,
which is given as of the date hereof, and to not use such
forward-looking information for anything other than its intended
purpose. Zenith undertakes no obligation to update publicly or
revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by law.
The forward-looking information contained herein is expressly
qualified by this cautionary statement.
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.
END
IOEDMGGRKMFGLZG
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