Zenith Energy : Completion of Financing

August 6, 2020
 
 
 
ZENITH ENERGY LTD. 
 
("Zenith" or the "Company")
 
Completion of Financing
 
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA-ME), the
listed international oil & gas production company focused on pursuing African
development opportunities, announces that it has completed a private placement
in Norway (the "Financing").
 
The Financing has attracted the participation of existing private and
institutional investors, to raise an aggregate total amount of approximately NOK
7,200,000 (approximately £604,000)
  
Issue Price
 
The issue price of the Financing was NOK 0.08 per common share of no par value
in the capital of the Company ("Common Shares"), equivalent to approximately
£0.007 (0.7 pence).
 
Use of Proceeds
 
The proceeds of the Financing will be used to provide additional fund for the
Company's publicly announced acquisition campaign in Africa, as well as for
general working capital purposes.
 
 
Financing Overview
 
Zenith has issued a total of 90,000,000 new Common Share units ("Units"). Each
Unit comprises 1 Common Share and half a warrant. The Company therefore issued
90,000,000 new Common Shares in connection with the Financing and 45,000,000
Common Share purchase warrants (the "Warrants") exercisable within 12 months at
an exercise price of NOK 0.15.
 
An application for the new Common Shares to be listed on the standard segment of
the FCA Official List and to be admitted for trading on the London Stock
Exchange Main Market for listed securities will be made within 12 months of the
issue date. 
 










Total Voting Rights
The Company wishes to announce, in accordance with the Financial Conduct
Authority's Disclosure Guidance and Transparency Rules, the following revised
information resulting from completion of the Financing.
 
Class of share	 
Total number of shares	 
Number of voting rights per share	 
Total number of voting rights per class of share
 
Common Shares in issue and admitted to trading on the Main Market of the London
Stock Exchange	313,400,824	1	313,400,824
Common Shares in issue and admitted to trading on the Merkur Market of the Oslo
Børs - representing the total outstanding common share capital of the Company
	942,072,921	1	942,072,921
  
Zenith holds 25,395,828 Common Shares in treasury. The above figure for total
number of Common Shares may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest in, the
Company under the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules.

Appointment of Financial Adviser and Corporate Broker 

Zenith is pleased to announce the appointment of Allenby Capital Limited as the
Company's financial adviser and broker on the London Stock Exchange.

 
Further Information:
  
Zenith Energy Ltd 	
Andrea Cattaneo, Chief Executive Officer	Tel: [phone]
                                                               	E-mail:
[e-mail]

Allenby Capital Limited - Financial Adviser & Broker	
Nick Harriss
Nick Athanas	Tel: + 44 (0) 203 328 5656
 



Notes to Editors: 

Zenith Energy Ltd. is an international oil and gas production company, listed on
the London Stock Exchange (LSE:ZEN) and the Merkur Market of the Oslo Stock
Exchange (ZENA:ME).
Zenith's development strategy is to identify and rapidly seize value-accretive
hydrocarbon production opportunities in the onshore oil & gas sector,
specifically in Africa. The Company's board of directors and senior management
team have the experience and technical expertise to develop the Company
successfully.

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