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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Zenith Energy Ltd. | LSE:ZEN | London | Ordinary Share | CA98936C8584 | COM SHS NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.80 | 1.70 | 1.90 | 1.80 | 1.80 | 1.80 | 0.00 | 07:42:08 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMZEN
RNS Number : 3049A
Zenith Energy Ltd
01 June 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
June 1, 2021
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Debt Reduction & Issue of Warrants
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA), the listed international oil & gas production company focused on pursuing African development opportunities, is pleased to announce that it has undertaken certain debt reduction activities.
On April 23, 2021, the Company announced that, in relation to its US$2.5 million convertible loan facility (the "Facility") it had reduced its liability in respect of the Facility to US$0.7 million.
The Company is pleased to confirm that, following recent repayments, the current liability in relation to the Facility now stands at approximately US$0.6 million.
Further, as last announced on April 23, 2021, the Company had an outstanding credit agreement with a financial
institution in Azerbaijan for an amount US$25,000 plus accrued interest payable by June 30, 2021.
The Company is pleased to confirm that this liability has now been settled in full.
Issue of Warrants
The Company announces that in connection with the loan agreement of EUR 2.1 million (approximately GBP1.8 million or approximately NOK 21.4 million) (the "Loan Agreement") announced to the market on May 26, 2021 with Winance, a Dubai-based single-family office (the "Lender"), following the fulfilment of certain conditions precedent included in the Loan Agreement by the Lender, the Company has now issued the Lender with a total of 89,053,125 share purchase warrants (the "Warrants") at an exercise price of NOK 0.12 (equivalent to approximately GBP0.01) and with a duration of two years from the date of issue. Each Warrant will provide the Lender the right to one new common share in the share capital of Zenith upon exercise.
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 Tel: + 44 (0) 203 328 Nick Athanas 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 oil & gas sector, specifically in Africa.
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 or visit 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.
END
MSCUAOKRAOUVOAR
(END) Dow Jones Newswires
June 01, 2021 02:00 ET (06:00 GMT)
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