(Alliance News) - Zenith Energy Ltd said Wednesday its base prospectus for the issue of its EUR25 million unsecured, multi-currency Euro Medium Term Notes was approved to be issued on a third market, the Vienna Stock Exchange.
The notes can be issued in tranches at Zenith's discretion at no more than EUR25.0 million, and in any currency including the euro, Canadian dollar, pound, US dollar and Swiss franc.
The issue of the notes is in line with the oil & gas firm's strategy of diversifying its financing towards non-equity dilutive funding to support its successful development.
"We are very pleased to have received approval for our new EMTN instrument, especially as we are delivering on our declared strategy of seeking to maximise the use of non-dilutive financing to support the company's development," said Chief Executive Andrea Cattaneo.
"It is important to underline that these notes give investors improved flexibility because the currency, issue price and interest rate - amongst other key terms - can be determined with the relevant investor in relation to each specific subscription. This is expected to offer a number of benefits to marketing and distributing the notes," Cattaneo added.
Shares in Zenith Energy were up 7.5% at 2.80 pence on Wednesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Zenith Energy (ZEN)