(via TheNewswire)
April 30, 2020 -TheNewswire -Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE:ZEN); (TSXV:ZEE); (OSE:ZENA-ME), the international oil & gas production companyfocused on African development opportunities, is pleased to announce that it is seeking approval to issue up to 60,000,000 new common shares to a selection of high net-worth private investors to raise gross proceeds of up to approximately GBP540,000 or NOK 6,600,000 or CAD$900,000 (the "Private Placement").
The issue price of the new common shares issued under the Private Placement is GBP0.009 (0.90 pence), NOK0.11 or CAD$0.015.
The Private Placement is subject to TSXV approval.
Use of Proceeds
The proceeds of the Private Placement will be used to provide increased funding for the development of the Company's production portfolio (up to GBP 180,000), business development expenses for the identification of new oil & gas production assets (up to GBP 260,000) and general working capital purposes (up to GBP 100,000).
There are no proposed payments to related parties from the proceeds.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Further Information:
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|Zenith Energy Ltd | |
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|Andrea Cattaneo, |Tel: +1 (587) 315 9031 |
|Chief Executive | |
|Officer | |
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| |E-mail: |
| |info@zenithenergy.ca |
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|Novum Securities Limited - Broker|Tel: + 44 (0) 207 399 9400|
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|Colin Rowbury | |
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Notes to Editors:
Zenith Energy Ltd. is an international oil and gas production company, listed on the TSX Venture Exchange (TSXV:ZEE) and London Stock Exchange (LSE:ZEN). In addition, the Company's common share capital was admitted to trading on the Merkur Market of the Oslo Bors (ZENA:ME) on November 8, 2018. The Merkur Market is a multilateral trading facility owned and operated by the Oslo Bors.
The Company was assigned a medium to long-term issuer credit rating of "B+ with Positive Outlook" on October 9, 2019 by Arc Ratings, S.A. On November 18, 2019, the Company was assigned a "B+" with Stable Outlook debt issuer credit rating by Rating-Agentur Expert RA.
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