Zenith Energy (LON: ZEN; TSX.V: ZEE; OSE: ZENA-ME), the international oil & gas production company operating the largest onshore oilfield in Azerbaijan, announced the closing of the Private Placement on the Merkur Market of the Oslo Stock Exchange first announced to the market on October 21, 2019.
The Company has successfully raised gross proceeds of 9,808,000 (approximately GBP 824,000 or CAD$ 1,403,000) to subscribe for 28,022,857 common shares of no par value in the capital of the Company (“New Common Shares”) at a price of NOK 0.35 per New Common Share (approximately £0.03 or CAD$0.05).
Payment and issue of the New Common Shares to complete the Private Placement is expected on or around October 23, 2019, and an update will be made upon completion.
The Private Placement has increased in size due to additional investor interest following the Company’s first announcement on the morning of October 21, 2019.
As announced on October 21, 2019, Zenith intends to use the net proceeds of the Private Placement to finance the purchase of long lead items and the beginning of civil works required in preparation for planned drilling operations at well M-247 of the Muradkhanli oilfield, as well as for additional general working capital.
The Private Placement is subject to approval from the TSX Venture Exchange and the Oslo Stock Exchange.
