Exercise of Stock Options and Exercise of Warrants

RNS Number : 6828Z

Zenith Energy Ltd

18 December 2017

 

December 18, 2017 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon publication of this announcement via a regulatory information service ("RIS"), the inside information contained in this document is now considered to be in the public domain.

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Exercise of Stock Options and Exercise of Warrants

Zenith Energy Ltd., ("Zenith" or the "Company") (LSE: ZEN; TSX.V: ZEE), the dual listed international oil & gas production company operating the largest onshore oilfield in Azerbaijan, announces that Mr. Erik Larre, a Non-Executive Director of the Company, and Mr. Luca Benedetto, Chief Financial Officer of the Company, have exercised stock options. Zenith also announces that an investor in the Company has elected to exercise warrants.

Exercise of Stock Options  

Mr. Larre has today exercised stock options to acquire 500,000 common shares of no par value in the capital of the Company, (the "New Shares"), at an exercise price (the "Options Price") of CAD$0.10 (approximately £0.06) per New Share at a total of cost of CAD$50,000, (approximately £30,000).

Mr. Benedetto has today exercised stock options to acquire a total of 1,150,000 common shares of no par value in the capital of the Company, (the "New Shares"), at an Options Price of CAD$0.10 (approximately £0.06) per New Share for 400,000 New Shares, and an Options Price of CAD$0.15 per New Share for 750,000 New Shares at a total of cost of CAD$152,500, (approximately £91,500). 

The Stock Options Plan, (the "Plan"), was approved by shareholders at the Company's last AGM, held on January 20, 2017. 

Exercise of Warrants

The Company also announces that an investor in the Company has today exercised warrants to acquire 100,000 new common shares of no par value (the "Warrant Shares") in the capital of the Company. The exercise price of the warrants was CAD$0.20 per Warrant Share, (approximately £0.12), at a total of cost of CAD$20,000 (approximately £12,000).

Total Voting Rights

As a result of these dealings, the Company will issue a total of 1,750,000 new common shares (the "New Common Shares"). An application will be made for the New Common Shares to be admitted to the standard segment of the Financial Conduct Authority UK Official List and to trading on the Main Market for listed securities of the London Stock Exchange (the "Admission"). The New Common Shares will rank pari passu in all respects with the existing common shares of the Company. An application will also be made for the New Common Shares to be listed on the TSX Venture Exchange. It is expected that Admission will become effective and unconditional dealings in the New Common Shares will begin on December 22, 2017.

Following Admission of the New Common Shares, the Company will have 144,200,119 common shares in issue and admitted to trading on the Main Market of the London Stock Exchange and the Toronto Stock Exchange Venture Exchange. The above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules. 

Transfer of Shares

Mr. Larre and Mr. Benedetto have advised the Company that they intend to transfer their respective New Shares to certain advisers as compensation for services rendered to Mr. Larre and Mr. Benedetto, respectively.  

As a result of these two transactions, Mr. Larre will be beneficially interested in a total of 4,334,068, common shares in the Company, representing 3.01 per cent of the Company's issued common share capital, as enlarged by the issue of New Common Shares. 

For further information please contact:

Zenith Energy Ltd.  

Andrea Cattaneo

Chief Executive Officer 

Email: [e-mail]

Telephone:  [phone]

Telefax:       [phone]

Optiva Securities - (Joint Broker)

Christian Dennis

Telephone: + 44 (0) 203 137 1903

Beaufort Securities Limited - (Joint Broker)

Jon Belliss

Telephone: [phone]

Allenby Capital Limited - (Financial Adviser)

Nick Harriss

Nick Athanas

Telephone:   + 44 (0) 203 328 5656

Yellow Jersey (Financial PR/IR)

Tim Thompson

Telephone: [phone]

 

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM 

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Erik Larre
2	Reason for the notification
a)	Position/status	Non-Executive Director
b)	Initial notification/Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Zenith Energy Ltd.
b)	LEI	213800AYTYOYD61S4569
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Stock Options (New Common Shares)
	Identification code	CA98936C1068
b)	Nature of the transaction	Exercise of Stock Options
c)	Price(s) and volumes(s)	Price(s)	Volume(s)
		CAD$0.10	50000
d)	Aggregated information	N/A (single transaction)
	Aggregated volume
	Price
e)	Date of the transaction	December 18, 2017
f)	Place of the transaction	Toronto Stock Exchange

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Luca Benedetto
2	Reason for the notification
a)	Position/status	Chief Financial Officer
b)	Initial notification/Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Zenith Energy Ltd.
b)	LEI	213800AYTYOYD61S4569
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Stock Options (New Common Shares)
	Identification code	CA98936C1068
b)	Nature of the transaction	Exercise of Stock Options
c)	Price(s) and volumes(s)	Price(s)	Volume(s)
		CAD$0.10	400000
		CAD$0.15	750000
d)	Date of the transaction	December 18, 2017
e)	Place of the transaction	Toronto Stock Exchange

 

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