(Alliance News) - Zenith Energy Ltd on Tuesday said it had completed a GBP2.3 million fundraising in the UK and Norway.
The energy company said existing institutional investors, including Premier Miton Investors, directors and employees, had participated in the financing which saw 437.73 million shares issued at a price GBP0.0054 in the UK and NOK0.067 in Norway.
Proceeds will provide additional funding for the following: the negotiation and finalisation of a contract in Benin; technical and managerial appointments in view of planned operations in Yemen; additional funding for the development of Zenith's Tunisian oil and Italian natural gas production portfolio; business development activities in Africa & the Middle East; and general working capital.
Shares in Zenith Energy closed down 4.2% at 0.55 pence in London on Tuesday.
By Jeremy Cutler, Alliance News reporter
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Zenith Energy (ZEN)