REG - Zenith Energy Ltd - Payment of Outstanding Notes of 2024 Bond

Zenith EnergyAnnouncement

20/08/2024 16:00

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RNS Number : 1470B  Zenith Energy Ltd  20 August 2024

August 20, 2024

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Payment of Outstanding Notes of 2024 Bond

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; OTCQB: ZENAF), the international
energy production and development company, is pleased to provide an update
following the regulatory news announcement dated July 23, 2024, regarding the
successful conclusion of the last Bond Exchange Offer announced on April 22,
2024 (the "Bond Exchange"), preceded by the first Bond Exchange Offer
announced on January 25, 2024, both attracting significant support and
investor participation (collectively, the "Exchanges").

By way of background, the Exchanges were directed to Noteholders (the
"Noteholders") of the following unsecured debt instruments that matured
on January 27, 2024 (the "Outstanding Notes"):

·        Euro 10.125% Notes due on 27 January 2024 (XS2108546735)

·        USD 10.300% Notes due on 27 January 2024 (XS2108546651)

·        GBP 10.375% Notes due on 27 January 2024 (XS2108546578)

Payment in cash to Noteholders who did not participate in the Exchanges

Those Noteholders, holding approximately 11.76% of the Outstanding Notes, who
did not participate in the Exchanges will receive settlement of the
Outstanding Notes and accrued interest by way of cash (the "Remaining
Outstanding Notes").

 The Company gives notice that the Remaining Outstanding Notes will be paid
as follows:

·           September 25, 2024, in the amount of 20% (twenty
percent) of the Remaining Outstanding Notes, and

·           October 25, 2024, payment of the balance of the
Remaining Outstanding Notes and accrued interest.

Andrea Cattaneo, Chief Executive Officer, commented:

"We are very pleased to have now brought this matter to a successful
conclusion with the planned settlement in cash of the Remaining Outstanding
Notes to those investors who did not participate in the Exchanges.

The Exchanges have been a resounding success, attracting participation from
the vast majority of Noteholders, and providing clear evidence of investor
confidence in the Company's future, made possible by its established history
as a fully compliant debt issuer. This is especially important as we approach
potentially very significant progress with the expected publication of the
decision in respect of the first ICC arbitration later this year."

 

 

 

 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 Venture Market of the OTCQB (OTCQB: 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)

 

 

 

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