Zenith Energy (LON:ZEN), the international oil & gas production company, has today announced a Private Placement on the Merkur Market of the Oslo Stock Exchange.
The Company has successfully raised gross proceeds of NOK 11,105,882 (approximately £935,000 or CAD$1,610,000) to subscribe for 55,529,412 common shares of no par value in the capital of the Company at a price of NOK 0.20 per New Common Share.
Payment and issue of the New Common Shares to complete the Private Placement is expected on or around January 31, 2020.
The Private Placement attracted strong interest from both private and institutional investors, including significant existing shareholders in Zenith.
Zenith intends to use the net proceeds for business development activities (including the purchase of new components for its drilling equipment), operational matters related to the recent Anglo African Oil & Gas plc transaction and additional working capital.
The final completion of the Private Placement is subject to approval from the TSX Venture 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 Admission of the Common Shares issued in the Placing.
| Class of share | Total number of shares | Number of voting rights per share | Total number of voting rights per class of share |
| Common Shares in issue and admitted to trading on the Main Market of the London Stock Exchange | 277,403,856 | 1 | 277,403,856 |
| Common Shares in issue and admitted to trading on the TSXV | 507,072,921 | 1 | 507,072,921 |
| Common Shares in issue and admitted to trading on the Merkur Market of the Oslo Børs | 507,072,921 | 1 | 507,072,921 |
No Common Shares are held 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.
