TIDMZEN
RNS Number : 1157X
Zenith Energy Ltd
17 December 2019
December 17, 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.
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Private Placement in Norway
Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE: ZEN;
TSX.V: ZEE; OSE: ZENA-ME), the international oil & gas
production company, is pleased to announce a Private Placement
("Private Placement") on the Merkur Market of the Oslo Stock
Exchange.
The Company has successfully raised gross proceeds of NOK
7,700,000 (approximately GBP638,000 or CAD$1,123,430) to subscribe
for 35,000,000 common shares of no par value in the capital of the
Company ("New Common Shares") at a price of NOK 0.22 per New Common
Share (approximately GBP0.02 or CAD$0.03).
Payment and issue of the New Common Shares to complete the
Private Placement is expected on or around December 18, 2019, and
an update will be provided upon completion.
The Private Placement attracted strong interest from both
private and institutional investors.
Zenith intends to use the net proceeds of the Private Placement
to purchase drilling equipment and to provide additional general
working capital.
The Private Placement is subject to approval from the TSX
Venture Exchange.
Director Dealing/ PDMR Shareholding
Mr. Andrea Cattaneo, Chief Executive Officer & President of
Zenith, has advised the Company that, in relation to the
aforementioned Private Placement, he subscribed 8,500,000 common
shares of no par value ("Common Shares") in the capital of the
Company.
Following the aforementioned dealing, Mr. Cattaneo is directly
beneficially interested in a total of 35,334,115 Common Shares in
the capital of the Company, representing 7.8 per cent of the total
issued and outstanding common share capital of the Company admitted
to trading on the TSX Venture Exchange and Merkur Market of the
Oslo Stock Exchange.
Mr. Cattaneo is also indirectly interested in a total of 480,000
Common Shares, today representing 0.11 per cent of the Company's
issued and outstanding common share capital admitted to trading on
the TSX Venture Exchange and Merkur Market of the Oslo Stock
Exchange.
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 Common Shares
issued in the Placing.
Class of share Total number Number of Total number
of shares voting rights of voting rights
per share per class of
share
Common Shares
in issue and
admitted to trading
on the Main Market
of the London
Stock Exchange 277,403,856 1 277,403,856
--------------- ---------------- -------------------
Common Shares
in issue and
admitted to trading
on the TSXV 451,543,509 1 451,543,509
--------------- ---------------- -------------------
Common Shares
in issue and
admitted to trading
on the Merkur
Market of the
Oslo Børs 451,543,509 1 451,543,509
--------------- ---------------- -------------------
No Common 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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as such term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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
-----------------------------
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 9, 2019 by Arc
Ratings, S.A. On November 18, 2019, the Company was assigned a "B+"
with Stable Outlook debt issuer credit rating by Rating-Agentur
Expert RA.
The Company operates the largest onshore oilfield in Azerbaijan
by cumulative acreage 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.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Andrea Cattaneo
---------------------------------------- ---------------------------------------
2 Reason for the notification
---------------------------------------------------------------------------------
a) Position/status Chief Executive Officer & President
---------------------------------------- ---------------------------------------
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 Common Shares
financial instrument,
type of instrument
---------------------------------------- ---------------------------------------
Identification code CA98936C1068
---------------------------------------- ---------------------------------------
b) Nature of the transaction Purchase of Common Shares
---------------------------------------- ---------------------------------------
c) Price(s) and volumes(s) Price(s) Volume(s)
---------------------------------------- ------------------- ------------------
NOK 0.22 8,500,000
----------------------------------------------------------------- ------------------
d) Date of the transaction(s) December 16, 2019
---------------------------------------- ---------------------------------------
e) Place of the transaction Merkur Market, Oslo Stock Exchange
---------------------------------------- ---------------------------------------
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
IOEQDLBFKLFEFBD
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