TIDMZEN
RNS Number : 1446J
Zenith Energy Ltd
08 April 2020
April 8, 2020
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")
Completion of fully subscribed Private Placement
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; TSX.V:
ZEE; OSE: ZENA-ME), the listed international oil & gas
production company focused on pursuing African development
opportunities, is pleased to announce that it has received
conditional approval for the private placement financing announced
to the market on April 6, 2020.
As a result of market demand, Zenith has completed an offering
in the United Kingdom (the "UK Financing"), and an offering in
Norway (the "Norwegian Financing", collectively, the
"Financings").
The Company is pleased to confirm that the Financings have been
fully subscribed.
The Financings have attracted the participation of several
existing high net-worth private investors, an existing
institutional investor, as well as a Director of the Company to
raise an aggregate total amount of approximately GBP525,000 or NOK
6,750,000 or CAD$921,000.
The Financings are subject to final approval from the TSX
Venture Exchange.
Issue Price
The issue price of the Financings was GBP0.007 (0.7 pence) for
the UK Financing and NOK 0.09 for the Norwegian Financing.
Use of Proceeds
The proceeds of the Financings will be used to fund the
Company's publicly announced acquisition campaign in Africa, to
provide additional funding for Zenith's existing production
portfolio, as well as for general working capital purposes.
Norwegian Financing
Zenith has issued a total of 66,428,571 common shares of no par
value in the capital of the Company in connection with the
Norwegian Financing (the "Norwegian Financing Common Shares") to
raise gross proceeds of NOK 5,978,000 (approximately GBP460,000 or
CAD$816,000).
An application for the Norwegian Financing Common 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 (the "Norwegian Financing Admission") will be
made within 12 months of the issue of the Norwegian Financing
Common Shares.
UK Financing
Zenith has issued a total of 8,571,429 common shares of no par
value in the capital of the Company in connection with the UK
Financing (the "UK Financing Common Shares") to raise gross
proceeds of GBP60,000 (approximately CAD$105,000).
An application for the UK Financing Common 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 (the "UK Financing Admission") will be made.
It is expected that the UK Financing Admission will become
effective and that unconditional dealings in the UK Financing
Common Shares will commence on or around 8.00 a.m. (BST) on
approximately April 16, 2020.
Director Dealing/ PDMR Shareholding
Mr. Andrea Cattaneo, Chief Executive Officer & President of
Zenith, has advised the Company that, in relation to the
aforementioned Norwegian Financing, he subscribed for 8,000,000
common shares of no par value in the capital of the Company.
Following the aforementioned dealing, Mr. Cattaneo is directly
beneficially interested in a total of 52,984,115 common shares in
the capital of the Company, representing 8.13 percent 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.
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 of Number of Total number of
shares voting rights 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 283,553,883 1 283,553,883
------------------ ---------------- ---------------------
Common Shares in
issue and admitted
to trading on the
TSXV 652,072,921 1 652,072,921
------------------ ---------------- ---------------------
Common Shares in
issue and admitted
to trading on the
Merkur Market of
the Oslo Børs 652,072,921 1 652,072,921
------------------ ---------------- ---------------------
Andrea Cattaneo, Chief Executive Officer, commented:
"We are pleased to have attracted a significant degree of
support from existing both private and institutional investors
during these challenging market conditions.
As publicly announced, Zenith is pursuing a clearly outlined
acquisition campaign in Africa at a time of great opportunity for
countercyclical expansion in view of the many acquisition
opportunities made possible by the current low oil price
environment.
Indeed, the confidence of myself and the management team in our
development strategy remains unwavering.
I look forward to updating shareholders in due course regarding
our potentially transformational near-term progress."
Further Information:
Zenith Energy Ltd.
Andrea Cattaneo, Chief Executive Officer Tel: +1 (587) 315 9031
-----------------------------
E-mail: info@zenithenergy.ca
-----------------------------
Novum Securities Limited - Broker Tel: + 44 (0) 207 399
9400
-----------------------------
Colin Rowbury
-----------------------------
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. Zenith's development strategy is to identify and rapidly
seize value-accretive hydrocarbon production opportunities in the
onshore oil & gas sector, specifically in Africa. The Company's
board of directors and senior management team have the experience
and technical expertise to develop the Company successfully.
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 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 0.09 8,000,000
----------------------------------------------------------------- ------------------
d) Aggregated information
------------------------------------------------------------- ------------------
Aggregated volume N/A
---------------------------------------- --------------------------------------------
Aggregated price N/A
---------------------------------------- --------------------------------------------
e) Date of the transaction(s) April 7, 2020
---------------------------------------- ---------------------------------------
f) 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
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