(Alliance News) - Zenith Energy Ltd on Tuesday said it has raised NOK7.7 million, about GBP638,000, through a private placement on the Merkur Market of the Oslo Stock Exchange.
The oil & gas production company said it has issued 35.0 million shares at a price of NOK0.22 each.
Zenith shares were 4.6% lower in London in late trade at 2.10 pence each on Tuesday.
The Calgary, Canada-headquartered company said the private placement attracted strong interest from both private and institutional investors.
Zenith intends to use the net proceeds of the placement to purchase drilling equipment, it said, and to provide additional general working capital.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Zenith Energy (ZEN)