TIDMZEN

RNS Number : 4552P

Zenith Energy Ltd

09 June 2020

June 9, 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 Financing

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA-ME), the listed international oil & gas production company focused on pursuing African development opportunities, announces that it has completed a private placement in Norway (the "Financing").

The Company is pleased to confirm that the Financing has been fully subscribed.

The Financing has attracted the participation of existing private and institutional investors, to raise an aggregate total amount of approximately NOK 7,600,000 (approximately GBP645,000)

Issue Price

The issue price of the Financing was NOK 0.095, equivalent to approximately GBP0.008 (0.8 pence).

Use of Proceeds

The proceeds of the Financing will be used to fund the Company's publicly announced acquisition campaign in Africa, as well as for general working capital purposes.

Financing Overview

Zenith has issued a total of 80,000,000 common shares of no-par value in the capital of the Company in connection with the Financing (the "Financing Common Shares").

An application for the 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 will be made within 12 months of the issue of the Financing Common Shares.

Total Voting Rights

The Company wishes to announce, in accordance with the Financial Conduct Authority's Disclosure Guidance and Transparency Rules, the following revised information resulting from the issue of the Financing Common Shares.

 
 
   Class of share              Total number     Number of         Total number of 
                               of shares        voting rights     voting rights per 
                                                per share         class of share 
 Common Shares in issue 
  and admitted to trading 
  on the Main Market 
  of the London Stock 
  Exchange                      313,400,824          1                  313,400,824 
                            ---------------  ----------------  -------------------- 
 Common Shares in issue 
  and admitted to trading 
  on the Merkur Market 
  of the Oslo Børs         792,072,921          1                  792,072,921 
                            ---------------  ----------------  --------------------

Debt Issuer Credit Rating

Rating-Agentur Expert RA ("RAEX") has assigned Zenith a downgraded "B-" with Developing Outlook debt issuer credit rating in view of the recent volatility in oil prices as a result of the COVID-19 pandemic, as well as the pending completion of Zenith's publicly announced acquisitions.

Further Information:

 
 Zenith Energy Ltd. 
 Andrea Cattaneo, Chief Executive Officer   Tel: +1 (587) 315 9031 
                                           ----------------------------- 
                                            E-mail: info@zenithenergy.ca 
                                           -----------------------------

Notes to Editors :

Zenith Energy Ltd. is an international oil and gas production company, listed on the London Stock Exchange (LSE:ZEN) and the Merkur Market of the Oslo Stock Exchange (ZENA:ME).

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.

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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