Last checked at 27 Sep 2017 07:00
September 27, 2017
ZENITH ENERGY LTD.
("Zenith" or the "Company")
CEO Exercises Stock Options
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; TSX.V: ZEE) the dual listed international oil & gas production company operating the largest onshore oilfield in Azerbaijan, is pleased to announce that Mr. Andrea Cattaneo, Chief Executive Officer and President of the Company, has today exercised options to purchase 1,000,000 common shares ("Common Shares") in the capital of the Company at an exercise price (the "Option Exercise") of CAD$0.10 (approximately £0.06) per Common Share and a total cost of CAD$100,000 (£60,407) (the "New Shares").
The Stock Options Plan (the "Options Plan") was approved by shareholders at the Company's last AGM held on January 20, 2017.
Mr. Cattaneo has also advised the Company that he intends to transfer 920,000 Common Shares in the capital of the company to certain financial advisers as compensation for services provided to Mr. Cattaneo.
An application will be made for the New Shares to be admitted to the standard segment of the Financial Conduct Authority Official List and to trading on the Main Market for listed securities of the London Stock Exchange (the "Admission"). An application will also be made for the New Common Shares to be listed on the TSX Venture Exchange. It is expected that Admission will become effective and unconditional dealings in the New Common Shares will begin on October 3, 2017.
As a result of the Option Exercise, the Company's issued share capital will comprise 129,063,146 issued and outstanding Common Shares with one voting right per share. No shares are held in Treasury. The total number of voting rights in the Company will therefore be 129,063,146.
Following the Option Exercise, Mr. Cattaneo is now beneficially interested in a total of 3,647,485 common shares in the Company, representing 2.83 per cent of the Company's issued common share capital, as enlarged by the issue of New Shares. Under the Options Plan, Mr. Cattaneo remains interested in options to exercise for up to a further 3,000,000 new common shares.
For further information, please contact
Zenith Energy Ltd.
Andrea Cattaneo
Chief Executive Officer & President
Email: info@zenithenergy.ca
Telephone: +1 (587) 315 9031
Telefax: +1 (403) 775 4474
Allenby Capital Limited - (Joint Broker)
Nick Harriss
Nick Athanas
Richard Short
Telephone: + 44 (0) 203 328 5656
Optiva Securities - (Joint Broker)
Christian Dennis
Telephone: + 44 (0) 203 137 1903
Yellow Jersey (Financial PR/IR)
Tim Thompson
Telephone: +44 (0) 203 735 8825