9-28-17 9:09 AM EDT | Email Article

(TheNewswire)

Calgary, AB / TheNewswire / September 28, 2017 - 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  t hat Mr. Andrea Cattaneo, Chief Executive Officer and President of the Company, has today, in accordance with TSX Venture Exchange (" TSXV ") rules, partially swapped his salary for the first two quarters of the 2018 financial year for the equivalent of CAD$2,500.00 per month in exchange for common shares in Zenith (" Salary Sacrifice Shares ").  Under TSXV rules, the Company may not  issue Salary Sacrifice Shares beyond the value of CAD$2,500.00 each month, without disinterested shareholder approval.

The Company announced on January 25, 2017 that Mr. Cattaneo had proposed to the Board of Directors to swap his full salary for the next twelve months, effective from February 1, 2017 (the " Salary Proposal "), in exchange for common shares in the Company. Zenith's Board of Directors agreed to the Salary Proposal subject to the filing of an application with the TSXV and the receipt of approval of the Salary Proposal, including how such Salary Sacrifice Shares would be priced, from the TSXV.  

On April 12, 2017, the Company announced that it has been informed by the TSXV that the Salary Proposal required the approval of shareholders, and that the Board of Directors proposed to put a resolution before shareholders at the Company's next AGM to approve the Salary Proposal, however with a revised start date of the beginning of the Company's financial year, April 1, 2017.  The resolution proposes that the Salary Sacrifice Shares are issued on a quarterly basis (with the first batch to include all Salary Sacrifice Shares accrued since April 1, 2017) at a price that is the highest between: (i.) the average price at which the Company's common shares traded during the period, based on the mid-market closing price on the London Stock Exchange on each trading day, plus 15 per cent, and (ii.) the discounted market price on the TSXV at the time the Salary Sacrifice Shares are issued.   

As a result, Mr. Cattaneo will receive 111,131 common shares (" New Shares ") in the capital of the Company at an average price of £0.0925 (approximately CAD$0.15399) for the period April 1, 2017 until September 30, 2017.   

An application will be made for the New 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 (the " Admission "). An application will also be made for the New Shares to be listed on the TSX Venture Exchange. It is expected that Admission will become effective and unconditional dealings in the New Common Shares will begin on October 4, 2017.

 

Transfer of Shares  

Mr. Cattaneo has advised the Company that he has today transferred 920,000 common shares in the capital of the Company to certain financial advisers as compensation for personal financial services provided directly to Mr. Cattaneo. This intention was announced by the Company on September 27, 2017.

Following the issue of the New Shares, the Company's issued share capital will comprise 129,174,277 issued and outstanding Common Shares with one voting right per share. No shares are held in Treasury. The total number of voting rights in the Company will therefore be 129,174,277.

As a result of these two transactions, Mr. Cattaneo will be beneficially interested in a total of 2,838,616 common shares in the Company, representing 2.20 per cent of the Company's issued common share capital, as enlarged by the issue of New Shares.

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 & President

 

Email: info@zenithenergy.ca

Telephone: +1 (587) 315 9031

Telefax:       +1 (403) 775 4474

 

Allenby Capital Limited - (Joint Broker)

Nick Harriss

Nick Athanas

Richard Short

Telephone:   + 44 (0) 203 328 5656

 

Optiva Securities - (Joint Broker)

Christian Dennis

Telephone: + 44 (0) 203 137 1903

 

Yellow Jersey (Financial PR/IR)

Tim Thompson

Telephone: +44 (0) 203 735 8825

     

Copyright (c) 2017 TheNewswire - All rights reserved.

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