TIDMZEN
RNS Number : 1185Y
Zenith Energy Ltd
10 May 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
May 10, 2021
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Norwegian institutional investment in Zenith
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE:
ZENA), the listed international oil & gas production company
focused on pursuing African development opportunities, is pleased
to announce that it has secured Norwegian institutional investment
in Zenith by way of a private placement in Norway which has also
attracted the participation of a high-net-worth private investor
(the "Private Placement").
The Private Placement has resulted in the issuance of 60 million
new common shares in the share capital of the Company (the "Private
Placement Shares") for a total consideration of NOK 6,000,000
(approximately GBP 522,000 or EUR 600,000). It is expected that the
Private Placement Shares will be issued today: May 10, 2021.
Subscription Price
The subscription price of the Placement Shares was NOK 0.10
(equivalent to approximately GBP0.087), a discount of approximately
8.75 percent in respect of the closing price of the Company's
common shares admitted to trading on the Euronext Growth of the
Oslo Stock Exchange on May 7, 2021.
Issue of Share Purchase Warrants
The Company has issued the following share purchase warrants
("Warrants") as part of the Private Placement:
-- 45 million Warrants with an exercise price of NOK 0.25
expiring within 12 months from the date of issuance
-- 15 million Warrants with an exercise price of NOK 0.325
expiring within 12 months from the date of the issuance
Each Warrant will provide the investor the right to one new
common share in the share capital of Zenith upon exercise.
Use of Proceeds
Proceeds from the Private Placement will be deployed to fund
planned field development activities to be performed in the
recently acquired Ezzaouia, El Bibane and Robbana concessions in
Tunisia, as well as providing additional general working capital to
support Zenith's broader development activities in Africa.
Total Voting Rights
The Company wishes to announce, in accordance with the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules and
section 3.10 of the Euronext Growth Oslo Rule Book Part II, the
following revised information resulting from the issuance of the
Private Placement 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 313,400,824 1 313,400,824
--------------- ------------ -------------------
Common Shares in issue
and admitted to trading
on the Euronext Growth
Market of the Oslo
Børs - representing
the total outstanding
common share capital
of the Company 1,268,889,331 1 1,268,889,331
--------------- ------------ -------------------
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:
"In view of an unsolicited expression of interest from a
well-respected Norwegian institutional investor wishing to take a
position in the share capital of Zenith, the Board is very pleased
to accept this investment which enables the entry of what is hoped
to be a long-term, potential cornerstone Norwegian institutional
investor.
I am aware that this private placement might be perceived as in
contradiction to my comment included in the market announcement
dated April 30, 2021 in which I stated that additional capital
raised by way of private placements would not be anticipated until
the end of Q2 2021.
However, it is important to underline that this investment has
been accepted on a strategic level and in order to reinforce the
Zenith's capital markets outlook in Norway, as well as providing
additional funding for Zenith to implement its development and
acquisition objectives.
The management team and I are currently in Africa and we look
forward to reporting on additional progress in due course."
Further Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Officer Tel: +1 (587) 315
9031
-----------------------------
E-mail: info@zenithenergy.ca
-----------------------------
Allenby Capital Limited - Financial
Adviser & Broker
-----------------------------
Nick Harriss Tel: + 44 (0) 203
Nick Athanas 328 5656
-----------------------------
Notes to Editors :
Zenith Energy Ltd. is an international oil and gas production
company, listed on the London Stock Exchange (LSE:ZEN) and the
Euronext Growth Market of the Oslo Stock Exchange (OSE:ZENA).
Zenith's development strategy is to identify and rapidly seize
value-accretive hydrocarbon production opportunities in the oil
& gas sector, specifically in Africa.
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END
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