Zenith Energy Ltd Financing of up to GBP540,000 by Private Placement (5705L)
April 30 2020 - 11:55AM
UK Regulatory
TIDMZEN
RNS Number : 5705L
Zenith Energy Ltd
30 April 2020
April 30, 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")
Financing of up to GBP540,000 by Private Placement
Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE:ZEN);
(TSXV:ZEE); (OSE:ZENA-ME), the international oil & gas
production company focused on African development opportunities ,
is pleased to announce that it is seeking approval to issue up to
60,000,000 new common shares to raise gross proceeds of up to
approximately GBP540,000 or NOK 6,600,000 or CAD$900,000 (the
"Private Placement").
The issue price of the new common shares issued under the
Private Placement is GBP0.009 (0.90 pence), NOK0.11 or
CAD$0.015.
The Private Placement is subject to TSXV approval.
Use of Proceeds
The proceeds of the Private Placement will be used to provide
increased funding for the development of the Company's production
portfolio (up to GBP180,000), business development expenses for the
identification of new oil & gas production assets (up to
GBP260,000) and for general working capital purposes (up to
GBP100,000).
There are no proposed payments to related parties from the
proceeds.
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 Officer Tel: +1 (587) 315 9031
----------------------------
E-mail: info@zenithenergy.ca
---------------------------------------- ----------------------------
Novum Securities Limited - Broker
----------------------------
Colin Rowbury Tel: + 44 (0) 207 399 9400
----------------------------
Notes to Editors:
Zenith Energy Ltd. is an international oil and gas production
company, listed on the TSX Venture Exchange (TSXV: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
Bors (ZENA:ME) on November 8, 2018. The Merkur Market is a
multilateral trading facility owned and operated by the Oslo
Bors.
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.
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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