24th Feb 2021 14:20
Zenith Energy Ltd - oil & gas company with production, exploration and development assets in Africa and Italy - Enters one-year revolving line of credit agreement with an unnamed financial institution for up to EUR1.5 million. Notes it has an interest rate of 9.0% and Zenith has already made a drawdown for EUR500,000. Says the funds will strengthen its cash position in view of potential additional asset acquisition opportunities and for general working capital purposes. Adds it has issued the lender with 85 million warrants to acquire one share for each warrant at a price of 0.017 pence and 85 million warrants to purchase one share for each warrant for 0.022p.
"In view of the potential near-term progress the company may achieve in respect of its publicly announced objectives in Africa, we have sought to minimise any form of equity issuance and finance our activities via other instruments," says Chief Executive Andrea Cattaneo.
Current stock price: 1.14p, up 3.6% on Wednesday
Year-to-date change: down 14%
By Zoe Wickens; [email protected]
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