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Pin to quick picksZenith Energy Regulatory News (ZEN)

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Debt reduction

Thu, 29th Jul 2021 07:00

RNS Number : 8341G
Zenith Energy Ltd
29 July 2021
 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

 

July 29, 2021                             

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Debt reduction

Zenith Energy Ltd. ("Zenith" or the "Company") (LSEZEN; OSE: ZENA), the listed international oil & gas production company focused on pursuing African development opportunities, is pleased to announce that it has concluded a debt settlement agreement (the "Debt Settlement") in respect of the drawdown of EUR 500,000 (the "Credit Facility") made following the signing of a revolving line of credit agreement with a financial institution (the "Lender") announced on February 24, 2021.

The Company has issued a total of 30,422,319 new common shares ("Debt Settlement Shares") at a price of NOK 0.1725 (equivalent to approximately £0.01412) to settle the Credit Facility in full.

 

An application for the Debt Settlement 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. 

Issue of Share Subscription Warrants (the "Warrants")

In connection with the Debt Settlement, the Company has issued the Lender the following Warrants with a duration of two years:

· 20 million Warrants to acquire one common share for each Warrant at an exercise price of NOK 0.16 (equivalent to approximately £0.01310).

· 23 million Warrants to acquire one common share for each Warrant at an exercise price of NOK 0.20 (equivalent to approximately £0.01637).

 

Total Voting Rights

The Company wishes to announce, in accordance with the UK Financial Conduct Authority's Disclosure Guidance and Transparency Rules, as well as section 3.10 of the Euronext Growth Oslo Rule Book Part II, the following revised information resulting from the issuance of the Debt Settlement Shares: 

 

 

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 Euronext Growth Market of the Oslo Børs - representing the total outstanding common share capital of the Company 

1,407,711,650

1

1,407,711,650

 

Further Information:

Zenith Energy Ltd 

 

Andrea Cattaneo, Chief Executive Officer

Tel: +1 (587) 315 9031

 

E-mail:  info@zenithenergy.ca

Allenby Capital Limited - Financial Adviser & Broker

 

Nick Harriss

Nick Athanas

Tel: + 44 (0) 203 328 5656

 

Notes to Editors

Zenith Energy Ltd. is an international oil and gas production company, listed on the London Stock Exchange (LSE:ZEN) and the Euronext Growth Market of the Oslo Stock Exchange (OSE:ZENA).

Zenith's development strategy is to identify and rapidly seize value-accretive hydrocarbon production opportunities in the oil & gas sector, specifically in Africa.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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