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(Alliance News) - Zenith Energy Ltd on Thursday said it intends to raise GBP540,000 through the issue of new 60 million shares in a private placement at 0.90 pence per share.
Shares in the company closed at 0.90p each in London, down 3.0%.
The Africa-focused oil & gas producer said it intends to use up to GBP180,000 of the placing proceeds for the development of its production portfolio, up to GBP260,000 for the identification of new oil & gas production assets, and up to GBP100,000 for general working capital purposes.
By Tapan Panchal; tapanpanchal@alliancenews.com
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