(via TheNewswire)
Calgary, AB / TheNewswire / October 2, 2018 - 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, is pleased to announce that its Chief Executive Officer & President, Mr. Andrea Cattaneo, has advised the Company that he has swapped his salary for the first two quarters of the 2019 financial year in exchange for common shares in the capital of Zenith ("Salary Sacrifice Shares").
On February 28, 2018, the Company announced that Mr. Cattaneo had submitted a proposal to the Company's Board of Directors to receive his remuneration in equity for the twelve months starting April 1, 2018 ("2018 Salary Proposal"). On April 5, 2018, Zenith announced that the 2018 Salary Proposal had been approved by Zenith shareholders at its annual general meeting held on March 29, 2018.
As a result, on October 1, 2018, the Company issued Mr. Cattaneo 2,225,941 Salary Sacrifice Shares at an average price of CAD$0.108 for the period from April 1, 2018 to June 30, 2018, and at an average price of CAD$0.069 for the period from July 1, 2018 to September 30, 2018. The amount of Salary Sacrifice Shares was calculated on the basis of Mr. Cattaneo's salary as at October 1, 2018.
An application will be made for the Salary Sacrifice Shares to be admitted to the standard segment of the Financial Conduct Authority Official List and to trading on the Main Market for listed securities of the London Stock Exchange ("Admission"). The Salary Sacrifice Shares will rank pari passu in all respects with the Company's existing common shares and it is expected that Admission will become effective on October 8, 2018.
Director/ PDMR Shareholding
Mr. Cattaneo has advised the Company that he has purchased a total of 400,000 common shares of no par value ("Common Shares") in the capital of the Company at a total average price of GBP0.0346.
Following the aforementioned dealings and the issue of the Salary Sacrifice Shares, Mr. Cattaneo is directly beneficially interested in a total of 17,672,933 Common Shares in the capital of the Company, representing 8.17 per cent of the total issued and outstanding common share capital of the Company. As announced on December 15, 2017, Mr. Cattaneo is indirectly interested in a total of 1,250,000 Common Shares, today representing 0.58 per cent of the Company's issued share capital.
Total Voting Rights
Upon Admission the total number of Common Shares in issue and admitted to trading on the Main Market of the London Stock Exchange and the TSX Venture Exchange will be 216,320,158 with one (1) voting right per Common Share.
No shares are held in treasury. The above figure for total number of common shares 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 a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
Zenith Energy Ltd.
Andrea Cattaneo
Chief Executive Officer
E-mail: info@zenithenergy.ca
Tel: +1 (587) 315 9031
Vigo Communications - PR Adviser
Patrick d'Ancona
Chris McMahon
Kate Rogucheva
Tel: +44 (0) 20 7830 9700
Daniel Stewart & Company Plc - (Joint Broker)
Robert Emmet- Corporate Broking
Tel: + 44 (0) 207 776 6550
Optiva Securities - (Joint Broker)
Christian Dennis
Tel: + 44 (0) 203 137 1903
Allenby Capital Limited - (Financial Adviser)
Nick Harriss
Nick Athanas
Tel: + 44 (0) 203 328 5656
Notes to Editors:
Zenith Energy Ltd. is an international oil and gas production company, dual listed on the TSX Venture Exchange and London Stock Exchange.
The Company operates the largest onshore oilfield in Azerbaijan following the signing of a 25-year REDPSA, (Rehabilitation, Exploration, Development and Production Sharing Agreement), with SOCAR, State Oil Company of the Azerbaijan Republic, in 2016.
The Company's primary focus is the development of its Azerbaijan operations by leveraging its technical expertise and financial resources to maximise low-cost oil production via a systematic field rehabilitation programme intended to achieve significantly increased revenue. Zenith also operates, or has working interests in, a number of natural gas production concessions in Italy. The Company's Italian operations produce natural gas, natural gas condensate and electricity.
Zenith's development strategy is to identify and rapidly seize value-accretive hydrocarbon production opportunities in the onshore oil & gas sector. The Company's Board of Directors and senior management team have the experience and technical expertise to develop the Company successfully.
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