Private Placement in Norway

RNS Number : 1157X
Zenith Energy Ltd
17 December 2019
 

December 17, 2019 

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")

Private Placement in Norway

Zenith Energy Ltd., ("Zenith" or the "Company"), (LSEZENTSX.VZEE; OSE: ZENA-ME), the international oil & gas production company, is pleased to announce a Private Placement ("Private Placement") on the Merkur Market of the Oslo Stock Exchange.

The Company has successfully raised gross proceeds of NOK 7,700,000 (approximately £638,000 or CAD$1,123,430) to subscribe for 35,000,000 common shares of no par value in the capital of the Company ("New Common Shares") at a price of NOK 0.22 per New Common Share (approximately £0.02 or CAD$0.03).

 

Payment and issue of the New Common Shares to complete the Private Placement is expected on or around December 18, 2019, and an update will be provided upon completion.

 

The Private Placement attracted strong interest from both private and institutional investors.

 

Zenith intends to use the net proceeds of the Private Placement to purchase drilling equipment and to provide additional general working capital.

 

The Private Placement is subject to approval from the TSX Venture Exchange.

 

 

Director Dealing/ PDMR Shareholding

 

Mr. Andrea Cattaneo, Chief Executive Officer & President of Zenith, has advised the Company that, in relation to the aforementioned Private Placement, he subscribed 8,500,000 common shares of no par value ("Common Shares") in the capital of the Company.

Following the aforementioned dealing, Mr. Cattaneo is directly beneficially interested in a total of 35,334,115 Common Shares in the capital of the Company, representing 7.8 per cent of the total issued and outstanding common share capital of the Company admitted to trading on the TSX Venture Exchange and Merkur Market of the Oslo Stock Exchange.

Mr. Cattaneo is also indirectly interested in a total of 480,000 Common Shares, today representing 0.11 per cent of the Company's issued and outstanding common share capital admitted to trading on the TSX Venture Exchange and Merkur Market of the Oslo Stock Exchange.

 

 

Total Voting Rights

The Company wishes to announce, in accordance with the Financial Conduct Authority's Disclosure Guidance and Transparency Rules, the following information following Admission of the Common Shares issued in the Placing.

 

Class of share

 

Total number of shares

 

Number of voting rights per share

 

Total number of voting rights per class of share

 

Common Shares in issue and admitted to trading on the Main Market of the London Stock Exchange

277,403,856 

1

277,403,856 

Common Shares in issue and admitted to trading on the TSXV

451,543,509 

1

451,543,509 

Common Shares in issue and admitted to trading on the Merkur Market of the Oslo Børs

451,543,509 

1

451,543,509 

No Common Shares are held in treasury. 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.

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

 

 

Peterhouse Capital - Joint Broker

Tel: + 44 (0) 207 469 0930

Lucy Williams

 

Charles Goodfellow

 

 

 

Novum Securities Limited - Joint Broker

Tel: + 44 (0) 207 399 9400

Charlie Brook-Partridge

 

Hugh McAlister

 

 

 

IFC Advisory Limited - Financial PR & IR

Tel: + 44 (0) 203 934 6630

Graham Herring

 

Zach Cohen

 

 

 

 

 

Notes to Editors

Zenith Energy Ltd. is an international oil and gas production company, listed on the TSX Venture Exchange (TSX.V: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 Børs (ZENA:ME) on November 8, 2018. The Merkur Market is a multilateral trading facility owned and operated by the Oslo Børs. 

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.

The Company operates the largest onshore oilfield in Azerbaijan by cumulative acreage following the signing of a 25-year REDPSA, (Rehabilitation, Exploration, Development and Production Sharing Agreement), with SOCAR, State Oil Company of the Republic of Azerbaijan, in 2016. 

The Company's primary focus is the development of its Azerbaijan operations by leveraging its technical expertise and financial resources to maximise low-cost oil production via a systematic field rehabilitation programme intended to achieve significantly increased revenue. Zenith also operates, or has working interests in, a number of natural gas production concessions in Italy. The Company's Italian operations produce natural gas, condensate and electricity.

 

 

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Andrea Cattaneo

2

Reason for the notification

a)

Position/status

Chief Executive Officer & President 

 

b)

Initial notification/Amendment

Initial Notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Zenith Energy Ltd.

b)

LEI

213800AYTYOYD61S4569 

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Common Shares

 

Identification code

CA98936C1068

b)

Nature of the transaction

Purchase of Common Shares

c)

Price(s) and volumes(s)

Price(s)

Volume(s)

NOK 0.22

 

8,500,000

d)

Date of the transaction(s)

December 16, 2019

e)

Place of the transaction

Merkur Market, Oslo Stock Exchange     

 

 


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.
 
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