TIDMZEN
RNS Number : 2378D
Zenith Energy Ltd
17 February 2020
February 17, 2020
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")
Completion of Private Placement, Director/PDMR Shareholdings
Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE: ZEN ;
TSX.V : ZEE; OSE: ZENA-ME ), the international oil & gas
production company, announces that in addition to the issue of
equity announced on February 14, 2020, which attracted the
participation of a significant, existing UK institutional
shareholder ("UK Financing"), and resulted in the issue of
9,000,000 new common shares at an issue price of GBP0.015 ("UK
Financing Shares"), Zenith has today issued 11,000,000 new common
shares in Norway following participation from certain Directors of
the Company at a price of NOK 0.18 ("Norway Financing").
Aggregate proceeds from the UK Financing and the Norway
Financing amount to a total of approximately GBP300,000.00
(approximately CAD$516,000 or NOK 3,590,000.00) (collectively the
"Financing").
The proceeds of the Financing will be used to provide additional
funding for the development of Zenith's existing production
portfolio, the identification and acquisition of new oil & gas
production assets, as well as for general working capital
purposes.
UK Financing
As announced on February 14, 2020, a significant existing UK
institutional shareholder, as well as a selection of UK high
net-worth private investors, subscribed for a total of 9,000,000 UK
Financing Shares at a price of
GBP0.015 to raise gross proceeds of GBP135,000 (approximately CAD$232,000).
Norway Financing
The Company has issued a total of 11,000,000 new common shares
of no par value in the capital of the Company ("Norway Financing
Shares") at a price of NOK 0.18 in connection with the Norwegian
Financing to raise gross proceeds of NOK 1,980,000 (approximately
GBP 165,000 or CAD $ 284,000 ).
Director Dealing/ PDMR Shareholding
Mr. Sergey Borovskiy , a Non-Executive Director of Zenith
subscribed for a total of 3,849,289 Norwegian Financing Shares.
Following the aforementioned dealing, Mr. Borovskiy is directly
beneficially interested in a total o f 3,849,289 Common Shares in
the capital of the Company, representing 0.67 per cent of the total
issued and outstanding common share capital of the Company admitted
to trading on the TSX Venture Exchange and Merkur Market of the
Oslo Stock Exchange.
Mr. Luigi Regis Milano , Executive Director of the Company ,
subscribed for a total of 1,150,711 Norwegian Financing Shares.
Following the aforementioned dealing, Mr. Luigi Regis Milano, is
directly beneficially interested in a total o f 2,150,711 Common
Shares in the capital of the Company, representing 0.41 per cent of
the total issued and outstanding common share capital of the
Company admitted to trading on the TSX Venture Exchange and Merkur
Market of the Oslo Stock Exchange.
Mr. Regis Milano is also indirectly interested in a total of
8,662,963 Common Shares, representing 1.64 per cent of the
Company's enlarged common share capital admitted to trading on the
TSX Venture Exchange and Merkur Market of the Oslo Stock
Exchange.
Total Voting Rights
The Company wishes to announce, in accordance with the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules, the
following information following the aforementioned
transactions.
Class of share Total number Number Total number
of shares of voting of voting rights
rights per class of
per share share
Common Shares
in issue and admitted
to trading on
the Main Market
of the London
Stock Exchange 286,403,856 1 286,403,856
------------- ----------- ------------------
Common Shares
in issue and admitted
to trading on
the TSXV 577,072,921 1 577,072,921
------------- ----------- ------------------
Common Shares
in issue and admitted
to trading on
the Merkur Market
of the Oslo Børs 577,072,921 1 577,072,921
------------- ----------- ------------------
Zenith holds 4,395,828 Common Shares in treasury. The above
figure for total number of Common Shares 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 a change to their interest in, the Company under
the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules.
Further Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Tel: +1 (587) 315 9031
Officer
-----------------------------
E-mail: info@zenithenergy.ca
-----------------------------
Novum Securities Limited - Broker Tel: + 44 (0) 207 399
9400
-----------------------------
Charlie Brook-Partridge
-----------------------------
Hugh McAlister
-----------------------------
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 9, 2019 by Arc
Ratings, S.A. On November 18, 2019, the Company was assigned a "B+"
with Stable Outlook debt issuer credit rating by Rating-Agentur
Expert RA.
The Company operates the largest onshore oilfield in Azerbaijan
by cumulative acreage following the signing of a 25-year REDPSA,
(Rehabilitation, Exploration, Development and Production Sharing
Agreement), with SOCAR, State Oil Company of the Republic of
Azerbaijan, in 2016. 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.
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 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 Common Shares
instrument, type of instrument
---------------------------------------------------- -----------------------------------
Identification code CA98936CI068
---------------------------------------------------- -----------------------------------
b) Nature of the transaction Subscription of new common
shares in Norwegian Financing
---------------------------------------------------- -----------------------------------
c) Price(s) and volumes(s) Price(s) Volume(s)
---------------------------------------------------- -------------- -------------------
NOK 0.18 3,849,289
-------------- -------------------
d) Aggregated information NA (single transaction)
---------------------------------------------------- -----------------------------------
Aggregated volume -
---------------------------------------------------- ----------------------------------------
Price -
---------------------------------------------------- ----------------------------------------
e) Date of the transaction February 17, 2020
---------------------------------------------------- -----------------------------------
f) Place of the transaction Outside of a trading venue
---------------------------------------------------- -----------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Luigi Regis Milano
---------------------------------------------------- ------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------------
a) Position/status
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 Common Shares
instrument, type of instrument
---------------------------------------------------- -----------------------------------
Identification code CA98936CI068
---------------------------------------------------- -----------------------------------
b) Nature of the transaction Subscription of new common
shares in Norwegian Financing
---------------------------------------------------- -----------------------------------
c) Price(s) and volumes(s) Price(s) Volume(s)
---------------------------------------------------- -------------- -------------------
NOK 0.18 1,150,711
-------------- -------------------
d) Aggregated information NA (single transaction)
---------------------------------------------------- -----------------------------------
Aggregated volume -
---------------------------------------------------- ----------------------------------------
Price -
---------------------------------------------------- ----------------------------------------
e) Date of the transaction February 17, 2020
---------------------------------------------------- -----------------------------------
f) Place of the transaction Outside of a trading venue
---------------------------------------------------- -----------------------------------
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.
END
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