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Zenith Energy announces private placement to raise gross proceeds of up to GBP 300,000

13 Feb 2020

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Zenith Energy plans to issue up to 20,000,000 new common shares to existing UK institutional shareholders, as well as a selection of high net-worth private investors to raise gross proceeds of up to £300,000 (approximately CAD$516,000 or NOK 3,626,000).

The issue price of the Private Placement is planned to be £0.015 (approx. CAD$0.026 or NOK 0.18), representing a premium of 5.26% over the closing mid-market price of Zenith’s common shares admitted to trading on the London Stock Exchange on February 13, 2020.

The Private Placement is subject to TSXV approval.

Use of Proceeds

The proceeds of the Private Placement will be used to provide increased funding for the development of its production portfolio (£80,000), business development expenses for the identification of new oil & gas production assets (£130,000), as well as for general working capital purposes (£90,000).

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Source: Zenith Energy

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