IN BRIEF: Zenith Energy closes £2.9 million placement, settles debts
Zenith Energy Ltd - Oil and gas company focused on assets in Africa and Italy - Completes private placement in Norway and a debt settlement. Notes participation of Chief Executive Officer Andrea Cattaneo, Chief Financial Officer Luca Benedetto and Non-Executive Director Sergey Borovskiy. Raises approximately £2.9 million through issuing 30.3 million shares at NOK1.34, about 0.095 pence. Says this represents a 22% discount to closing price on Euronext Growth Oslo on Friday. Says the proceeds will be used for working capital purposes and any potential funding needs in relation to its international legal arbitrations against the Republic of Tunisia. Says that following admission of the shares Cattaneo, Benedetto and Borovskiy will own 11%, 3.1% and 1.3% of firm’s share capital respectively.
Adds that it has issued 314,552 shares in settlement of debts in lieu of cash payments for a total value of NOK421,500, about £30,000.
Cattaneo says: ‘We are pleased to have strengthened our cash position, made possible by the incremental appreciation of our market value in view of the company’s significant potential.The final stage in respect of the ICC-2 arbitration, with total claims in the amount of approximately $130 million, is expected to take place during the latter part of February 2025. Separately, the final court hearing in respect of the Paris Commercial Court case against SMP Energies by the Company’s fully owned subsidiary, with total claims in the amount of approximately $9 million, is expected to take place by the end of March/early April 2025.’
Current stock price: 10.20p, closed up 2.5% on Monday in London
12-month change: up from 2.90p
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