Reduction of Debt

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  Andrea Cattaneo, Chief Executive Officer	Tel: [phone] E:    [e-mail]
Alternative Resource Capital - Broker  Alex Wood Keith Dowsing	Tel: [phone] Tel: + 44 (0) 207 186 9005

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/

 

END

 

 

MSCVXLBBLELLBBE