Zenith Energy Ltd., (“Zenith” or the “Company), (LSE: ZEN; TSX.V: ZEE; OSE: ZENA-ME), the international oil & gas production company, is pleased to announce a Private Placement (“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 (“New Common Shares”) 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.
Full update HERE
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