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Norway: Zenith Energy completes private placement in Norway


19 Mar 2025

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Zenith Energy, the listed international energy production and development company, has completed a private placement in Norway. 

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.

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 Norwegian Financing Common Share, 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.

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. We intend to leverage our experience and recent history as a highly profitable electricity production company to increase our revenue generation, thereby ensuring the Company has a solid financial foundation for the long-term in stable jurisdictions. I look forward to updating shareholders in due course regarding our progress on various fronts.'

Original announcement link

Source: Zenith Energy





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