-- Zenith Energy (ZENA.OL, ZEN.L) said Tuesday it raised funds through private placement offers in the UK and Norway, settled debt, and secured a convertible loan facility.
The energy company noted that it raised 35,653,000 Norwegian kroner from its offering of 40,979,839 shares in Norway, and 250,000 pounds sterling from selling 3,629,764 shares in the UK. Additionally, it issued 20,964,527 shares to settle its debt worth 18.2 million kroner.
Admission of the shares on the London bourse's main market is expected on May 5. Meanwhile, the 12-month loan facility will be worth up to 2 million pounds and have a 5% yearly interest rate, with a repayment date of April 27, 2027.
Proceeds were earmarked for its subsidiaries' international arbitration proceedings, the expansion of its solar energy portfolio, its environmental impact assessments, potential investments, and general working capital.