REG - Zenith Energy Ltd - Completion of Private Placement

Zenith EnergyAnnouncement

29/05/2025 07:00

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RNS Number : 5073K  Zenith Energy Ltd  29 May 2025

May 29, 2025

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Completion of Private Placement

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

The UK Financing and Norwegian Financing have attracted the participation of
new and existing investors to raise an aggregate total amount of approximately
£2,257,000 (equivalent to approx. NOK 31,000,000), resulting in the issuance
of a total of 15,953,508 new common shares ("New Common Shares").

Norwegian Financing

Zenith has issued a total of 14,574,198 common shares of no-par value in the
capital of the Company in connection with the Norwegian Financing (the
"Norwegian Financing Common Shares") to raise gross proceeds of NOK 28,201,000
(approximately £2,057,000).

An application for the Norwegian Financing 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 Norwegian Financing Common Shares.

UK Financing

Zenith has issued a total of 1,379,310 common shares of no-par value in the
capital of the Company in connection with the UK Financing (the "UK Financing
Common Shares") to raise gross proceeds of £200,000 (approximately NOK
2,799,000).

It is expected that admission of the UK Financing Common Shares will become
effective and that unconditional dealings in the UK Financing Common Shares
will commence on or around 8.00 a.m. (BST) on June 6, 2025.

Issue Price

The Norwegian Financing was completed at price of NOK 1.9350 per Norwegian
Financing Common Shares, representing a 10 per cent. discount in respect
of the closing price of the Company's equity securities on the Euronext
Growth Oslo on May 28, 2025.

The UK Financing was completed at a price of £0.1450, representing a 6.47 per
cent. discount in respect of the closing price of the Company's equity
securities on the London Stock Exchange Main Market on May 28, 2025.

 

Use of Proceeds

The proceeds of the UK Financing and Norwegian Financing will be used to
provide additional funding for the acquisition of near-term electricity
production assets currently being evaluated by the Company.

Total Voting Rights

The Company wishes to announce the following information, 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,
resulting from the issuance of the Norwegian Financing Common Shares and the
UK Financing 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 in issue and admitted to trading on the Main Market of           309,168,017              1                                   309,168,017
 the London Stock Exchange on Admission.
 Common Shares in issue and admitted to trading on the Euronext Growth Market   493,224,462              1                                   493,224,462
 of the Oslo Børs, representing the newly enlarged outstanding share capital
 of the Company.

 

Andrea Cattaneo, Chief Executive Officer, commented:

"We are very pleased with the strong performance of our share price. This has
enabled the successful completion of financings in both the UK and Norway at
only a modest discount to market.

Zenith is now fully funded until the expected publication of the outcome of
the ICC-2 Arbitration, with the funding being strategically directed towards
the Company's objective of building a 20 MWp solar energy portfolio by the end
of 2025.

Our continued focus on acquiring revenue-generating energy production assets
is expected to progressively diminish our reliance on equity financing, as
well strengthening our balance sheet and enhancing long-term shareholder
value."

 

 

 

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 (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.

 

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