Zenith Energy Announces Debt Reduction & Exercise of Warrants

Source: www.gulfoilandgas.com 1/6/2021, Location: Asia

Zenith Energy Ltd. (Zenith) (ZEN), the listed international oil & gas production company focused on pursuing African development opportunities, is pleased to announce that it fully repaid one and partially settled the second of the two credit agreements entered into with a local financial institution in Azerbaijan for a total amount of approximately US$442,000.

As disclosed in the latest audited accounts for the financial year ended March 31, 2020, the Company had two general line of credit agreements (the "Credit Agreements") for an outstanding combined principal amount of US$480,000; interest has continued to accrue.

Following the aforementioned payments, the outstanding principal amount in relation to the remaining Credit Agreement is US$54,650.00 plus accrued interest which is now payable by June 30, 2021.

Exercise of Warrants

An investor in the Company has exercised warrants to acquire a total of 28,571,429 new common shares of no par value (the "Common Shares") in the capital of the Company with an exercise price of NOK 0.15 (equivalent to approximately 0.013) for a total consideration of 4,285,714 NOK (approximately 371,000) (the "Warrant Shares").

The Warrant Shares were issued yesterday, January 5, 2021, and will rank pari passu in all respects with the existing common shares of the Company.

An application for the Warrant Shares to be listed on the standard segment of the FCA Official List and to be admitted for trading on the London Stock Exchange Main Market for listed securities will be made within 12 months of the issue date.


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