Last checked at 25 Jan 2017 07:00
Zenith CEO Foregoes Salary in Lieu of Equity at Premium
Calgary, Alberta, January 25, 2017, Zenith Energy Ltd. ("Zenith" or "the Company") (LON: ZEN; TSX-V:ZEE) the dual listed oil & gas producing company with assets in Azerbaijan, Italy and Argentina is pleased to announce a salary sacrifice proposal by Andrea Cattaneo, CEO of the Company.
Director Salary Sacrifice in Exchange for Company Shares
Andrea Cattaneo, CEO, has proposed (the "Salary Proposal") to the Board of Directors to swap his full salary for the next twelve months, effective on the 1 February 2017, in exchange for common shares of Zenith (the "Salary Sacrifice Shares"). The Company's Board of Directors has agreed to the Proposal subject to the filing of an application with the TSX Venture Exchange ("TSXV") and the receipt of approval of the Proposal, including how such Salary Sacrifice Shares will be priced, from the TSXV.
Andrea Cattaneo, Zenith Energy CEO, commented:
"In a clear indication of my strong belief in the potential of Zenith's future, I am pleased to announce my remuneration in equity. This proposal stems from my strong belief in the Company.
I trust shareholders of Zenith will view my commitment positively and recognise the real value of the Company.
I am determined to see the success of Zenith."
Reader Advisory
This press release contains forwarding looking statements. More particularly, this press release contains statements concerning the possible issuance of common shares in lieu of salary for an executive officer of the Company. Although the Company believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The forward looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
For further information, please contact:
José Ramón López-Portillo Chairman of the Board
Andrea Cattaneo CEO & President
Email: info@zenithenergy.ca
Telephone: +1 (587) 315-9031
Telefax: +1 (403) 775-4474