Zenith Energy Ltd Reduction of Debt (0860K)
03 Mayo 2022 - 03:27AM
UK Regulatory
TIDMZEN
RNS Number : 0860K
Zenith Energy Ltd
03 May 2022
May 3, 2022
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Reduction of Debt
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE:
ZENA), the listed international energy production and development
company, is pleased to announce that it has now fully settled its
liability resulting from the loan agreements entered into with
Winance, announced to the market respectively on May 26, 2021, and
December 6, 2021 (collectively the "Loan Agreements").
The Company has made repayments for a total of EUR 650,000 in
cash, with the balance having been paid by way of the Reserve
Shares issued in connection with the Loan Agreements.
US$2.5 million convertible loan facility (the "Convertible
Loan")
The Company is pleased to announce that, following its market
announcement dated June 1, 2021, it has now fully settled the
liability in respect of the Convertible Loan, having made
repayments for a total of US$0.6 million.
Luca Benedetto, Chief Financial Officer, commented:
"We are very pleased to have taken significant steps in reducing
our exposure to convertible loan instruments, having made a number
of cash repayments to minimise equity dilution.
It is our objective to take further action, in view of our
record profitability and revenue generation, to strengthen our
balance sheet during the months ahead."
Further Information:
Zenith Energy Ltd
Tel: +1 (587) 315 1279
Andrea Cattaneo, Chief Executive E: info@zenithenergy.ca
Officer
Alternative Resource Capital
- Broker Tel: +44 (0) 207 186 9004
Tel: + 44 (0) 207 186 9005
Alex Wood
Keith Dowsing
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ("MAR"). Upon the publication of this announcement via a
Regulatory Information Service ("RIS"), this inside information is
now considered to be in the public domain.
Notes to Editors :
Zenith Energy Ltd. is an international oil and gas production
company, listed on the London Stock Exchange Main Market (LSE:ZEN)
and the Euronext Growth Market of the Oslo Stock Exchange
(OSE:ZENA).
Zenith's development strategy is to identify and rapidly
complete value-accretive hydrocarbon production opportunities in
the oil & gas sector, specifically in Africa.
Follow us on LinkedIn: https://www.linkedin.com/company/zenith-energy-limited/
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END
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May 03, 2022 04:27 ET (08:27 GMT)
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