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LONDON - Zenith Energy Ltd. (LSE:ZEN; OSE:ZENA; OTC PINK:ZENAF), an international energy production and development company, has announced the completion of a private placement and the signing of a convertible loan facility, aiming to fund the acquisition of new energy assets. The placement raised approximately $1.2 million, resulting in the issuance of 10,397,000 new common shares at a marginal discount.
The new common shares will be listed on the London Stock Exchange (LON:LSEG)’s Main Market within 12 months. Concurrently, Zenith has secured a $2 million convertible loan with a 20% annual interest rate and an 18-month term. The loan allows for conversion into common shares at a price reduced by 11% from the 30-day volume-weighted average price, with a floor price set at 1.20 NOK per share.
The company plans to use the proceeds to finance the potential acquisition of near-term electricity production assets, contributing to its strategy of building a 20 MWp solar energy portfolio by the end of 2025. This move is part of Zenith’s broader goal to establish a stable financial foundation for future dividend payments to shareholders.
Following the issuance of new shares, the total voting rights in the company have increased, with 249,187,217 shares admitted to trading on the London Stock Exchange and 477,270,954 shares on the Euronext (EPA:ENX) Growth Market of the Oslo Børs.
CEO Andrea Cattaneo expressed the strategic importance of reliable domestic electricity supply and the company’s intention to update shareholders on their progress in the near future.
This financial move comes as part of Zenith’s ongoing efforts to expand its portfolio in stable jurisdictions, focusing on revenue-generating energy production and low-risk exploration activities. The information in this article is based on a press release statement.
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