Zenith Energy Ltd. (TSXV:ZEE) made an offer to acquire Nordic Petroleum AS (OTCNO:NOPE) for NOK 3.1 million on November 4, 2019. Under the terms, the exchange ratio is set at 100 Nordic common shares for 1 Zenith common share. Zenith will issue up to 9 million common shares of no par value. The acquisition is structured to be for a minimum of 90% of the outstanding shares in Nordic Petroleum. Upon completion, Zenith Energy intends to use Nordic Petroleum as a vehicle to pursue the acquisition of mature energy production assets, as well as for potential participation in future licensing bids organized by the Norwegian Ministry of Petroleum and Energy. Nordic Petroleum's Board of Directors has decided to recommend the terms to its shareholders for approval provided certain conditions and practicalities in the terms be resolved prior to the formal offer being submitted to shareholders.


Zenith Energy Ltd. (TSXV:ZEE) cancelled the acquisition of Nordic Petroleum AS (OTCNO:NOPE) on December 9, 2019. The transaction was cancelled due to unexpected complications and potentially high costs.