17th Feb 2020 15:46
(Alliance News) - Zenith Energy Ltd on Monday said it raised GBP165,000 from a fundraising in Norway, following the "participation from certain directors".
Zenith said 11 million shares were issued at NOK0.18, about 1.5 pence, each,
On Friday , the company had issued 9.0 million new shares to an unnamed existing institutional shareholder, as well as some "high net-worth private individuals", to raise GBP135,000. The shares were issued at 1.5 pence, a 5.3% premium to its closing price on Thursday in London.
Zenith Energy shares were trading 3.2% lower in London at 1.38 pence each on Monday afternoon.
Aggregate proceeds from the UK financing and the Norway financing amount to a total of GBP300,000.
The funds will be used "to provide additional funding for the development of Zenith's existing production portfolio, the identification and acquisition of new oil & gas production assets, as well as for general working capital purposes," the company said.
Sergey Borovskiy, a non-executive director, subscribed for a total of 3.8 Norwegian financing shares, and now holds 0.67% of the company's issued share capital.
Meanwhile Executive Director Luigi Regis Milano subscribed for 1.2 million shares and now has 0.4% of the total.
By Loreta Juodagalvyte; [email protected]
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