It took a while but Zenith Energy finally confirmed Betaville's UNCOOKED ALERT about the company carrying out an equity fund raising.
Below is a link to the RNS:
Zenith Energy may be looking to raise up to £5 million.
Zenith, which has the largest onshore oilfield in Azerbaijan, is said to be working on an equity fundraising, according to sources claiming to be familiar with the matter.
It's thought the company is looking to raise fresh capital via a placing of new shares with investors at around 4p share, said these sources claiming to be familiar with the matter...
Zenith Energy, the Canadian oil and gas consolidation vehicle, may soon see a placing.
According to sources claiming to be familiar with the matter, brokers are attempting to place between £500,000 and £1 million at around a 15pc discount to the company's current share price.
However, it's not clear what the cash from the placing will be used for...