Mr. Andrea Cattaneo reports
FINANCING OF UP TO CAD$921,000 BY PRIVATE PLACEMENT
Zenith Energy Ltd.
is seeking approval to issue up to 75 million new common shares to a selection of high-net-worth, private investors to raise gross proceeds of up to approximately 525,000 pounds or 6.75 million kroner or $921,000.
The issue price of the private placement is 0.7 pence, 0.09 kroner or 1.25 cents.
The private placement is subject to TSX Venture Exchange approval.
Use of proceeds
The
proceeds
of
the
private
placement
will
be
used
to
provide
increased
financing
for
the
development of
its
production
portfolio
(up
to
100,000 pounds),
business-development
expenses
for
the
identification of new oil and gas production assets (up to 300,000 pounds), as well as for general working-capital purposes (up to
125,000 pounds).
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