Zenith Energy (LON:ZEN; TSX.V:ZEE; OSE:ZENA-ME), the international oil & gas production company, has announced the approval of its Base Prospectus for the issuance of EUR 25,000,000 unsecured, multi-currency Euro Medium Term Notes at par value on the Third Market (MTF) of the Vienna Stock Exchange.
The Notes can be issued in tranches at Zenith’s discretion up to an aggregate principal amount not to exceed the value of Euro 25,000,000 and in any currency agreed between Zenith and the relevant investor including EUR, CAD$, GBP, USD, and CHF.
The current maximum aggregate principal amount of all Notes at any one time outstanding will not exceed Euro 25,000,000 (or its equivalent in other currencies), subject to an increase from time to time in accordance with applicable law.
The Notes are governed by Austrian law and, since the Notes are not convertible into equity of Zenith, the issuance of the Notes is not subject to the approval of the TSX Venture Exchange in Canada.
The issue of the Notes is aligned with the Company’s strategy of diversifying its financing towards non-equity dilutive funding to support its successful development.
The Prospectus for the issue of the Notes will shortly be available for consultation on the Company’s website: www.zenithenergy.ca.
The Company will provide further information as appropriate.
Andrea Cattaneo, Chief Executive Officer of Zenith, commented:
“We are very pleased to have received approval for our new EMTN instrument, especially as we are delivering on our declared strategy of seeking to maximise the use of non-dilutive financing to support the Company’s development.
It is important to underline that these Notes give investors improved flexibility because the currency, issue price and interest rate – amongst other key terms – can be determined with the relevant investor in relation to each specific subscription. This is expected to offer a number of benefits to marketing and distributing the Notes.
I look forward to updating investors in due course on our progress in a number of areas.”
