Zenith Energy Ltd Debt reduction (8341G)
July 29 2021 - 1:00AM
UK Regulatory
TIDMZEN
RNS Number : 8341G
Zenith Energy Ltd
29 July 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
July 29, 2021
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Debt reduction
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 concluded a debt settlement agreement (the
"Debt Settlement") in respect of the drawdown of EUR 500,000 (the
"Credit Facility") made following the signing of a revolving line
of credit agreement with a financial institution (the "Lender")
announced on February 24, 2021.
The Company has issued a total of 30,422,319 new common shares
("Debt Settlement Shares") at a price of NOK 0.1725 (equivalent to
approximately GBP0.01412) to settle the Credit Facility in
full.
An application for the Debt Settlement 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 date.
Issue of Share Subscription Warrants (the "Warrants")
In connection with the Debt Settlement, the Company has issued
the Lender the following Warrants with a duration of two years:
-- 20 million Warrants to acquire one common share for each
Warrant at an exercise price of NOK 0.16 (equivalent to
approximately GBP0.01310).
-- 23 million Warrants to acquire one common share for each
Warrant at an exercise price of NOK 0.20 (equivalent to
approximately GBP0.01637).
Total Voting Rights
The Company wishes to announce, in accordance with the UK
Financial Conduct Authority's Disclosure Guidance and Transparency
Rules, as well as section 3.10 of the Euronext Growth Oslo Rule
Book Part II , the following revised information resulting from the
issuance of the Debt Settlement Shares:
Class of share Total number Number Total number of
of shares of voting voting rights per
rights class of share
per 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 1,407,711,650 1 1,407,711,650
--------------- ------------ --------------------
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.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IOEDKFBQDBKBKOB
(END) Dow Jones Newswires
July 29, 2021 02:00 ET (06:00 GMT)
Zenith Energy (LSE:ZEN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Zenith Energy (LSE:ZEN)
Historical Stock Chart
From Jul 2023 to Jul 2024