Last checked at 23 Nov 2017 07:00
November 23, 2017
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")
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 stock options to acquire 2,000,000 new common shares ("New Common Shares") in the capital of the Company at an exercise price (the "Stock Options Price") of CAD$0.10 (approximately £0.059) per New Common Share and at a total cost of CAD$200,000 (approximately £118,000).
The Stock Options Plan (the "Plan") was approved by shareholders at the Company's last AGM, held on January 20, 2017.
An application will be made for the New Common Shares to be admitted to trading on the Main Market of the London Stock Exchange, and for them to be listed on the Standard Segment of the UK Official List ("Admission"). The New Common Shares will rank pari passu in all respects with the existing common shares of the Company. 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 November 30, 2017.
Total Voting Rights
Following Admission of the New Common Shares, the Company will have 141,050,119 common shares in issue, with one voting right per share, and admitted to trading on the Main Market of the London Stock Exchange and the Toronto Stock Exchange Venture Exchange. The above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
Transfer of Shares
Mr. Cattaneo has also advised the Company that he intends to transfer 1,968,500 common shares in the capital of the company to certain financial advisers for services rendered to Mr. Cattaneo.
As a result of these two transactions, Mr. Cattaneo will be beneficially interested in a total of 3,370,116 common shares in the Company, representing 2.39 per cent of the Company's issued common share capital, as enlarged by the issue of New Common Shares. Under the Plan, Mr. Cattaneo remains interested in stock options to exercise up to a further 1,000,000 new common shares.
For further information, please contact:
Zenith Energy Ltd.
Andrea Cattaneo
Chief Executive Officer
Email: info@zenithenergy.ca
Telephone: +1 (587) 315 9031
Telefax: +1 (403) 775 4474
Optiva Securities - (Joint Broker)
Christian Dennis
Telephone: + 44 (0) 203 137 1903
Beaufort Securities Limited - (Joint Broker)
Jon Belliss
Telephone: +44 207 382 8300
Allenby Capital Limited - (Financial Adviser)
Nick Harriss
Nick Athanas
Telephone: + 44 (0) 203 328 5656
Yellow Jersey (Financial PR/IR)
Tim Thompson
Telephone: +44 (0) 203 735 8825