(TheNewswire)
November 12, 2018 / TheNewswire / Calgary, AB -
Zenith Energy Ltd. ("Zenith" or the
"Company") (LSE: ZEN; TSX.V: ZEE; OSE: ZENA-ME) the listed international oil & gas production company operating the largest onshore oilfield in Azerbaijan, is pleased to
announce the completion of a second Private Placement following its Admission to the Merkur Market of the Oslo Børs. The Merkur Market is a multilateral
trading facility owned and operated by the Oslo Børs.
As announced on November 7, 2018, in order to satisfy
the Merkur Market admission requirements the Company completed a private placement with Norwegian investors raising gross proceeds
of NOK 7,273,850 (approximately GBP668,300 or CAD$1,141,600) through the placement of 20,782,429 common shares of no par value at a
subscription price of NOK 0.35 per share (approximately £0.032 or CAD$0.055 per Placement Share).
On November 9, 2018 after the close of the market and
as a result of market demand, Zenith completed a second private placement with Norwegian investors raising gross proceeds of NOK
1,000,000 (approximately GBP91,700 or CAD$157,000) through the placement of 2,857,143 common shares of no par value (the
"Placement Shares") at a subscription price of NOK 0.35 per share
(approximately GBP0.032 or CAD$0.055 per Placement Share). The Placement Shares will be issued in the form of depositary interests
in the VPS, the Norwegian Central Securities Depositary. No Insider/Person Discharging Managerial Responsibility has subscribed for
Placement Shares.
Following issuance of the Placement Shares on November 9, 2018, the Company has a total
of 239,959,730 common shares in issue and admitted to
trading on the TSX Venture Exchange. It is expected that admission to trading of the Placement Shares on the Merkur Market will
take place on November 12, 2018. An application for the Placement Shares to be listed on the standard segment of the UK Official
List and to be admitted to trading on the Main Market of the London Stock Exchange will be made within 12 months of the issue of
the Placement Shares; the total number of common shares listed on the standard segment of the UK Official List and admitted to
trading on the Main Market of the London Stock Exchange remains 216,320,158.
As announced on November 7, 2018, the net proceeds of the aforementioned private
placements, completed following the Company's admission to trading on the Merkur Market, will be invested in Zenith's Azerbaijan
operations.
Orion Securities acted as manager for the Private Placement.
This announcement and the information contained herein is issued for information purposes only and
does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, including
the Placement Shares.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Further Information:
Zenith Energy Ltd
Andrea Cattaneo
Chief Executive Officer
E-mail: info@zenithenergy.ca
Tel: +1 (587) 315 9031
Allenby Capital Limited - Financial Adviser
Nick Harriss
Nick Athanas
Tel: + 44 (0) 203 328 5656
Daniel Stewart & Company Plc - Joint Broker
Robert Emmet - Corporate Broking
Tel: + 44 (0) 207 776 6550
Optiva Securities - Joint Broker
Christian Dennis
Tel: + 44 (0) 203 137 1903
Vigo Communications - PR Adviser
Patrick d'Ancona
Chris McMahon
Tel: +44 (0) 20 7930 0230
Orion Securities - Financial Adviser
John E Skajem
Tel: + 47 4188 7412
This announcement and the information contained herein is issued for information purposes
only and does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein,
including the Placement Shares.
Notes to Editors:
Zenith Energy Ltd. is an international oil and gas production company, listed on the TSX
Venture Exchange (TSX.V:ZEE) and London Stock Exchange (LSE:ZEN). In addition, the Company's common share capital was admitted to
trading on the Merkur Market of the Oslo Børs
(ZENA:ME) on November 8, 2018. The Merkur Market is a multilateral trading facility owned and operated by the Oslo Børs.
The Company was assigned a medium to long-term issuer credit rating of "B+" with Positive
Outlook on October 8, 2018 by Arc Ratings, S.A.
The Company operates the largest onshore oilfield in Azerbaijan following the signing of a
25-year REDPSA, (Rehabilitation, Exploration, Development and Production Sharing Agreement), with SOCAR, State Oil Company of the
Azerbaijan Republic, in 2016.
The Company's primary focus is the development of its Azerbaijan operations by leveraging
its technical expertise and financial resources to maximise low-cost oil production via a
systematic field rehabilitation programme intended to achieve significantly increased revenue. Zenith also operates, or has working
interests in, a number of natural gas production concessions in Italy. The Company's Italian operations produce natural gas,
condensate and electricity.
Zenith's development strategy is to identify and rapidly seize value-accretive hydrocarbon
production opportunities in the onshore oil & gas sector. The Company's Board of Directors and senior management team have the
experience and technical expertise to develop the Company successfully.
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