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Pin to quick picksZenith Energy Regulatory News (ZEN)

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Debt reduction, amendment of terms and warrants

23 Apr 2021 07:00

RNS Number : 3788W
Zenith Energy Ltd
23 April 2021
 

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

 

April 23, 2021        

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Debt reduction, amendment of terms and issue of warrants  

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 reduced its liabilities, extended the maturity date of two existing loans and issued share purchase warrants to certain lenders of the Company.

 

Debt Reduction

 

On February 14, 2020, the Company announced that, in relation to its US$2.5 million convertible loan facility (the "Facility") it had reduced its liability to US$1.05 million.

 

The Company is pleased to confirm that, following recent repayments, the current liability in relation to the Facility stands at US$0.7 million.

 

As last announced on January 6, 2021, the Company had an outstanding credit agreement with a financial institution in Azerbaijan for an amount US$54,650.00 plus accrued interest payable by June 30, 2021.

 

The Company is pleased to confirm that this liability has now been reduced to a total amount of US$25,000.

 

Loan Extensions

 

The Company confirms that it has amended the terms of the US$2.5 million convertible loan facility and of an existing revolving credit line, extending the current repayment terms.

 

Issue of Warrants

In connection with these loan extensions, Zenith has issued:

· 45,000,000 share purchase warrants exercisable at NOK 0.12 (approximately £0.01) per common share payable in full in cash on subscription, and expiring within six months from the date of issue; and,

· 13,593,113 share purchase warrants to the lenders exercisable at NOK 0.156 (approximately £0.013) per common share payable in full in cash on subscription expiring three years from the date of issue.

 

Andrea Cattaneo, Chief Executive Officer of Zenith, commented:

 

"We are always seeking to improve our balance sheet by reducing our debt exposure, specifically to convertible loan facilities.

The Board believes the Company shall soon be able to settle all outstanding convertible debt instruments in the event it successfully completes and develops the recently announced acquisitions which have the potential to transform the Company's revenue position and profitability in the current oil price environment."

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

Further Information:

 

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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