Completion of Private Placement
Zenith completed £1.543m private placement raising 21.16m shares to fund acquisition of electricity production assets.
- Amount raised £1,543,000
- New shares issued 21,159,600
- Price per share NOK 1.00 (approximately £0.073)
- Discount to market 19.35%
- Total voting rights post-placement 466,873,954
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Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA; OTC PINK: ZENAF), the listed international energy production and development company, is pleased to announce that it has completed a private placement in Norway (the "Placement").
The Placement has raised an aggregate total amount of approximately £1,543,000 (equivalent to approx. NOK 21,159,600 or USD 2,000,000), resulting in the issuance of a total of 21,159,600 new common shares ("New Common Shares").
An application for the New Common Shares to be listed on the Equity Shares (Transition) category of the Official List and to trading on the London Stock Exchange's main market for listed securities will be made within 12 months of the issue of the New Common Shares.
The Placing was completed at a price of NOK 1.00 per New Common Share (equivalent to approximately £0.073), representing a 19.35% discount in respect of the closing price of the Company's equity securities on the Euronext Growth Oslo on March 18, 2025.
Use of Proceeds
The proceeds of the Placement will be used to provide immediate additional funding for the potential acquisition of near-term electricity production assets currently being evaluated by the Company.
Total Voting Rights
The Company wishes to announce, in accordance with the Financial Conduct Authority's Disclosure Guidance and Transparency Rules and section 3.10 and 3.11.5 (3) of the Euronext Growth Oslo Rule Book Part II, the following information resulting from the issuance of the New Common Shares.
| Class of share | Total number of shares | Number of voting rights per share | Total number of voting rights per class of share |
|---|---|---|---|
| Common Shares admitted to trading on the Main Market of the London Stock Exchange on Admission. | 249,187,217 | 1 | 249,187,217 |
| Common Shares in issue and admitted to trading on the Euronext Growth Market of the Oslo Børs, representing the newly enlarged total outstanding share capital of the Company. | 466,873,954 | 1 | 466,873,954 |
Andrea Cattaneo, Chief Executive Officer, commented:
"The Company is currently evaluating the acquisition of certain strategic energy production assets to enhance its portfolio and long-term revenue generation potential, with a specific attention being directed towards electricity production derived from solar and other renewable energy sources.
I look forward to updating shareholders in due course regarding our progress on various fronts."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.