Petroleum Africa
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Tuesday, May 11, 2021
Zenith Energy announced that announce that it has secured Norwegian institutional investment by way of a private placement in Norway which has also attracted the participation of a high-net-worth private investor. Proceeds from the Private Placement will be deployed to fund planned field development activities to be performed in the recently acquired Ezzaouia, El Bibane and Robbana concessions in Tunisia, as well as providing additional general working capital to support Zenith’s broader development activities in Africa.
The Private Placement has resulted in the issuance of 60 million new common shares in the share capital of the Company (the “Private Placement Shares”) for a total consideration of NOK 6,000,000 (approximately £522,000 or EUR 600,000). It is expected that the Private Placement Shares will be issued today: May 10, 2021
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