RNS - Placing6 Aug 2020 19:29
Thu, 6th Aug 2020 18:09
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RNS Number : 4273V
Zenith Energy Ltd
06 August 2020
August 6, 2020
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon publication of this announcement via a regulatory information service ("RIS"), the inside information contained in this document is now considered to be in the public domain.
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Completion of Financing
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA-ME), the listed international oil & gas production company focused on pursuing African development opportunities, announces that it has completed a private placement in Norway (the "Financing").
The Financing has attracted the participation of existing private and institutional investors, to raise an aggregate total amount of approximately NOK 7,200,000 (approximately £604,000)
Issue Price
The issue price of the Financing was NOK 0.08 per common share of no par value in the capital of the Company ("Common Shares"), equivalent to approximately £0.007 (0.7 pence).
Use of Proceeds
The proceeds of the Financing will be used to provide additional fund for the Company's publicly announced acquisition campaign in Africa, as well as for general working capital purposes.
Financing Overview
Zenith has issued a total of 90,000,000 new Common Share units ("Units"). Each Unit comprises 1 Common Share and half a warrant. The Company therefore issued 90,000,000 new Common Shares in connection with the Financing and 45,000,000 Common Share purchase warrants (the "Warrants") exercisable within 12 months at an exercise price of NOK 0.15.
An application for the new Common Shares to be listed on the standard segment of the FCA Official List and to be admitted for trading on the London Stock Exchange Main Market for listed securities will be made within 12 months of the issue date.
Total Voting Rights
The Company wishes to announce, in accordance with the Financial Conduct Authority's Disclosure Guidance and Transparency Rules, the following revised information resulting from completion of the Financing.
Class of share
Total number of shares
Number of voting rights per share
Total number of voting rights per class of share
Common Shares in issue and admitted to trading on the Main Market of the London Stock Exchange
313,400,824
1
313,400,824
Common Shares in issue and admitted to trading on the Merkur Market of the Oslo Børs - representing the total outstanding common share capital of the Company
942,072,921
1
942,072,921
Zenith holds 25,395,828 Common Shares in treasury. The above figure for total number of Common Shares may be used by shareholders in the Company as the de
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