Zenith Energy Ltd Debt Reduction & Issue of Warrants (3049A)
June 01 2021 - 1:00AM
UK Regulatory
TIDMZEN
RNS Number : 3049A
Zenith Energy Ltd
01 June 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
June 1, 2021
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Debt Reduction & Issue of Warrants
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 undertaken certain debt reduction
activities.
On April 23, 2021, the Company announced that, in relation to
its US$2.5 million convertible loan facility (the "Facility") it
had reduced its liability in respect of the Facility to US$0.7
million.
The Company is pleased to confirm that, following recent
repayments, the current liability in relation to the Facility now
stands at approximately US$0.6 million.
Further, as last announced on April 23, 2021, the Company had an
outstanding credit agreement with a financial
institution in Azerbaijan for an amount US$25,000 plus accrued interest payable by June 30, 2021.
The Company is pleased to confirm that this liability has now
been settled in full.
Issue of Warrants
The Company announces that in connection with the loan agreement
of EUR 2.1 million (approximately GBP1.8 million or approximately
NOK 21.4 million) (the "Loan Agreement") announced to the market on
May 26, 2021 with Winance, a Dubai-based single-family office (the
"Lender"), following the fulfilment of certain conditions precedent
included in the Loan Agreement by the Lender, the Company has now
issued the Lender with a total of 89,053,125 share purchase
warrants (the "Warrants") at an exercise price of NOK 0.12
(equivalent to approximately GBP0.01) and with a duration of two
years from the date of issue. Each Warrant will provide the Lender
the right to one new common share in the share capital of Zenith
upon exercise.
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) 203 328
Nick Athanas 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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