REG - Zenith Energy Ltd - Completion of Private Placement

Zenith EnergyAnnouncement

19/03/2025 07:15

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250319:nRSS2438Ba&default-theme=true

RNS Number : 2438B  Zenith Energy Ltd  19 March 2025

March 19, 2025

 

ZENITH ENERGY LTD.

 

("Zenith" or the "Company")

 

Completion of Private Placement

 

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA; OTC PINK:
ZENAF), the listed international energy production and development company, is
pleased to announce that it has completed a private placement in Norway (the
"Placement").

 

The Placement has raised an aggregate total amount of approximately
£1,543,000 (equivalent to approx. NOK 21,159,600 or USD 2,000,000), resulting
in the issuance of a total of 21,159,600 new common shares ("New Common
Shares").

 

An application for the New Common Shares to be listed on the Equity Shares
(Transition) category of the Official List and to trading on the London Stock
Exchange's main market for listed securities will be made within 12 months of
the issue of the New Common Shares.

 

The Placing was completed at a price of NOK 1.00 per New Common Share
(equivalent to approximately £0.073), representing a 19.35% discount in
respect of the closing price of the Company's equity securities on the
Euronext Growth Oslo on March 18, 2025.

 

Use of Proceeds

 

The proceeds of the Placement will be used to provide immediate additional
funding for the potential acquisition of near-term electricity production
assets currently being evaluated by the Company.

 

Total Voting Rights

 

The Company wishes to announce, in accordance with the Financial Conduct
Authority's Disclosure Guidance and Transparency Rules and section 3.10 and
3.11.5 (3) of the Euronext Growth Oslo Rule Book Part II, the following
information resulting from the issuance of the New Common 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 admitted to trading on the Main Market of the London Stock
 Exchange on Admission.

                                                                               249,187,217              1                                   249,187,217
 Common Shares in issue and admitted to trading on the Euronext Growth Market
 of the Oslo Børs, representing the newly enlarged total outstanding share

 capital of the Company.

                                                                               466,873,954              1                                   466,873,954

 

 

 

 

Andrea Cattaneo, Chief Executive Officer, commented:

 

"The Company is currently evaluating the acquisition of certain strategic
energy production assets to enhance its portfolio and long-term revenue
generation potential, with a specific attention being directed towards
electricity production derived from solar and other renewable energy sources.

 

We intend to leverage our experience and recent history as a highly profitable
electricity production company to increase our revenue generation, thereby
ensuring the Company has a solid financial foundation for the long-term in
stable jurisdictions.

 

I look forward to updating shareholders in due course regarding our progress
on various fronts."

 

Further Information:
 

 

 Zenith Energy Ltd

 Andrea Cattaneo, Chief Executive Officer

                                            Tel: +1 (587) 315 1279

                                            E:        info@zenithenergy.ca (mailto:info@zenithenergy.ca)

 
 

Notes to Editors:

 

Zenith Energy Ltd. is a revenue generating, independent energy company with
energy production, exploration and development assets in North Africa, the US
and Europe. The Company is listed on the London Stock Exchange Main Market
(LSE: ZEN), the Euronext Growth of the Oslo Stock Exchange (OSE: ZENA) and the
Pink Markets of the OTC (OTC PINK: ZENAF).

 

Zenith's strategic focus is on pursuing development opportunities through the
development of proven revenue generating energy production assets, as well as
low-risk exploration activities in assets with existing production.

 

For more information, please visit: www.zenithenergy.ca
(http://www.zenithenergy.ca/) Twitter: @zenithenergyltd

LinkedIn: https://bit.ly/3A5PRJb

 

 

 

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of
the European Union (Withdrawal) Act 2018 ("MAR"). Upon the publication of
this announcement via a Regulatory Information Service ("RIS"), this inside
information is now considered to be in the public domain.

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  IOEEAFDNFSLSEEA