(TheNewswire)
TheNewswire / January 10, 2018 - Zenith Energy Ltd., (" Zenith " or the " Company ") ( LSE : ZEN ; TSX.V : ZEE ), the dual listed international oil
& gas production company operating the largest onshore oilfield in Azerbaijan, is pleased to announce that, as a result of market
demand, the Company has closed a private placement to raise gross proceeds of CAD$500,000 (approximately £296,800) through the issue of 4,000,000 new common shares of no par value in the capital of the Company
(“ New Common Shares ”) at a price of CAD$0.125 (approximately £0.0742) per New
Common Share with Canadian investors (the “ Private Placement ”). The proceeds of
the Private Plcement will be used to purchase equipment for the development of the Company’s oil production operations in
Azerbaijan.
The New Common Shares were issued yesterday, January 9, 2018, by the registrars in Canada following
the submission of final documentation and approval from the TSX Venture Exchange.
The New Common Shares may not be resold in Canada, or to a resident of Canda, for a period of four
months and one day. An application is expected to be made for the New Common Shares to be admitted to trading on the Main Market of
the London Stock Exchange, and for them to be listed on the Standard Segment of the UK Offical List, with effect from May 10, 2018
(“ Admission ”).
Total Voting Rights
Following the issue of the New Common Shares, the Company will have 148,200,119 common shares in issue and admitted to trading on the Toronto Stock Exchange Venture
Exchange.
Zenith currently has 144,200,119 common shares
in issue and admitted to trading on the Main Market of the London Stock Exchange. The above figure may be used by shareholders in
the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in,
or change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules. A further announcement will be made closer to Admission in relation to the Total Voting Rights of the
Company’s common shares admitted to trading on the Main Market of the London Stock Exchage.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
For further information please contact:
Zenith Energy Ltd.
Andrea Cattaneo
Chief Executive Officer
Email: info@zenithenergy.ca
Telephone: +1 (587) 315 9031
Optiva Securities - (Joint Broker)
Christian Dennis
Telephone: + 44 (0) 203 137 1903
Beaufort Securities Limited - (Joint Broker)
Jon Belliss
Telephone: +44 207 382 8300
Allenby Capital Limited - (Financial
Adviser)
Nick Harriss
Nick Athanas
Telephone: + 44 (0) 203 328 5656
Yellow Jersey (Financial PR/IR)
Tim Thompson
Telephone: +44 (0) 203 735 8825
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