Zenith Energy Ltd Extension of Bond Maturity Date (2485L)
April 18 2018 - 2:00AM
UK Regulatory
TIDMZEN
RNS Number : 2485L
Zenith Energy Ltd
18 April 2018
April 18, 2018
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")
Extension of Bond Maturity Date
Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE: ZEN;
TSX.V: ZEE), the international oil & gas production company
operating the largest onshore oilfield in Azerbaijan, announces the
extension of the maturity date of the Series A Bond (the "Bond
Extension") issued as part of a private placement on May 4, 2015
for GBP225,000, details of which were communicated to the TSX
Venture Exchange on May 7, 2015 (the "2015 Private Placement").
The Bond Extension extends the maturity date for the Series A
Bond from May 4, 2018 by six months to November 4, 2018. For the
duration of the Bond Extension the interest rate of the Series A
Bond has been increased to fifteen per cent per annum (15% p.a.).
No further material terms will be amended in the Series A Bond or
in any other document related to the 2015 Private Placement.
Furthermore, in connection with the work undertaken on the Bond
Extension, Optiva Securities Limited, the Company's joint broker,
will be paid a fee on May 4, 2018 consisting of: (i) GBP10,125 in
cash (CAD$18,140.63 at an exchange rate of 1.79167); and (ii)
93,750 common share purchase warrants ("Warrants"). The Warrants
entitle the holder to acquire one common share in the capital of
Zenith at an exercise price of GBP0.12 (approximately CAD$0.215)
for the period until May 4, 2021.
For further information please contact:
Zenith Energy Ltd.
Andrea Cattaneo
Chief Executive Officer
E-mail: info@zenithenergy.ca
Tel: +1 (587) 315 9031
Vigo Communications - PR Adviser
Patrick d'Ancona
Chris McMahon
Kate Rogucheva
Tel: +44 (0) 20 7830 9700
Daniel Stewart & Company Plc - (Joint Broker)
Robert Emmet- Corporate Broking
Nikhil Varghese- Corporate Finance
Tel: + 44 (0) 207 776 6550
Optiva Securities - (Joint Broker)
Christian Dennis
Tel: + 44 (0) 203 137 1903
Allenby Capital Limited - (Financial Adviser)
Nick Harriss
Nick Athanas
Tel: + 44 (0) 203 328 5656
Notes to Editors:
Zenith Energy Ltd. is an international oil and gas production
company, dual listed on the TSX Venture Exchange and London Stock
Exchange.
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, 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.
To find out more, visit www.zenithenergy.ca or follow Zenith on
Twitter @zenithenergyltd
This information is provided by RNS
The company news service from the London Stock Exchange
END
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