RNS Number : 0307M
Zenith Energy Ltd
18 January 2021
January 18, 2021
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon publication of this announcement via a regulatory information service ("RIS"), the inside information contained in this document is now considered to be in the public domain.
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Result of AGM & Granting of Stock Options
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA-ME), the listed international oil & gas production company focused on pursuing African development opportunities, is pleased to announce that all resolutions presented before shareholders at its Annual General Meeting and Special Meeting ("AGM") held on January 15, 2021 have been duly passed.
Board Changes resulting from the AGM
As indicated in the information circular distributed to shareholders, Mr. Luigi Regis Milano, an Executive Director of the Company, did not stand for re-election at the AGM and retired from the Board of Directors due to ill health.
Mr. Erik Sture Larre, a Non-Executive Director of the Company, did not stand for re-election at the AGM and retired from the Board of Directors to concentrate on other business activities.
The Company wishes to thank both of the aforementioned Directors for their valuable commitment and assistance to the Company over the years.
Granting of Options
The Company has granted a total of 45,414,775 stock options (the "Options") to certain Directors and employees of the Company in accordance with the Company's Stock Option Plan.
The Options will have an exercise price of NOK 0.20 per Option (approximately equiavelnt to £0.017), a premium of approximately 47% to the last closing price on the Euronext Growth of the Oslo Stock Exchange (15.01.2021). The Options are fully vested and have the duration of five years from the date of granting.
Further Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Officer
Tel: +1 (587) 315 9031
E-mail: info@zenithenergy.ca
Allenby Capital Limited - Financial Adviser & Broker
Nick Harriss Nick Athanas
Tel: + 44 (0) 203 328 5656
Notes to Editors:
Zenith Energy Ltd. is an international oil and gas production company, listed on the London Stock Exchange (LSE:ZEN) and the Euronext Growth Market of the Oslo Stock Exchange (OSE:ZENA).
Zenith's development strategy is to identify and rapidly seize value-accretive hydrocarbon production opportunities in the onshore oil & gas sector, specifically in Africa. The Company's board of directors and senior management team have the experience and technical expertise to develop the Company successfully.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
1
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Andrea Cattaneo
2
Reason for the notification
a)
Position/status
Chief Executive Officer & President
b)
Initial notification/Amendment
Initial Notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Zenith Energy Ltd.
b)
LEI
213800AYTYOYD61S4569
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Common Shares of No Par Value
Identification code
CA98936C1068
b)
Nature of the transaction
Grant of Stock Options
c)
Price(s) and volumes(s)
Price(s)
Volume(s)
NOK 0.20
18,165,910
d)
Date of the transaction(s)
January 18, 2021
e)
Place of the transaction
Off Market
1
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Luca Benedetto
2
Reason for the notification
a)
Position/status
Chief Financial Officer, Executive Director
b)
Initial notification/Amendment
Initial Notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Zenith Energy Ltd.
b)
LEI
213800AYTYOYD61S4569
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Common Shares of No Par Value
Identification code
CA98936C1068
b)
Nature of the transaction
Grant of Stock Options
c)
Price(s) and volumes(s)
Price(s)
Volume(s)
NOK 0.20
5,449,773
d)
Date of the transaction(s)
January 18, 2021
e)
Place of the transaction
Off Market
1
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Dario Sodero
2
Reason for the notification
a)
Position/status
Non-Executive Director
b)
Initial notification/Amendment
Initial Notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Zenith Energy Ltd.
b)
LEI
213800AYTYOYD61S4569
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Common Shares of No Par Value
Identification code
CA98936C1068
b)
Nature of the transaction
Grant of Stock Options
c)
Price(s) and volumes(s)
Price(s)
Volume(s)
NOK 0.20
5,449,773
d)
Date of the transaction(s)
January 18, 2021
e)
Place of the transaction
Off Market
1
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Sergey Borovskiy
2
Reason for the notification
a)
Position/status
Non-Executive Director
b)
Initial notification/Amendment
Initial Notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Zenith Energy Ltd.
b)
LEI
213800AYTYOYD61S4569
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Common Shares of No Par Value
Identification code
CA98936C1068
b)
Nature of the transaction
Grant of Stock Options
c)
Price(s) and volumes(s)
Price(s)
Volume(s)
NOK 0.20
5,449,773
d)
Date of the transaction(s)
January 18, 2021
e)
Place of the transaction
Off Market
1
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
José Ramón López-Portillo
2
Reason for the notification
a)
Position/status
Non-Executive Director
b)
Initial notification/Amendment
Initial Notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Zenith Energy Ltd.
b)
LEI
213800AYTYOYD61S4569
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Common Shares of No Par Value
Identification code
CA98936C1068
b)
Nature of the transaction
Grant of Stock Options
c)
Price(s) and volumes(s)
Price(s)
Volume(s)
NOK 0.20
5,449,773
d)
Date of the transaction(s)
January 18, 2021
e)
Place of the transaction
Off Market
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