Zenith Energy Ltd - oil & gas production company focused on Africa - Secures Norwegian institutional investment by way of a private placement. Zenith issues 60 million new shares at a price of NOK0.1 each for a total of NOK6 million, about GBP522,000. The share price represents 8.8% discount to the company's shares on Friday last week. The proceeds will be deployed to fund planned field development activities at 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.
Current stock price: 0.85 pence, down 2.9% on Monday
Year-to-date change: down 36%
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Zenith Energy (ZEN)