REG – Zenith Energy Ltd

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA) is a revenue-generating independent energy company actively engaged in the exploration and development of energy production assets across North Africa, the United States, and Europe. Recently, the company made significant strides in broadening its investor base through a new offering of Swedish Depository Receipts (SDRs) alongside its planned listing on the Spotlight Stock Market.

### Subscription Offering Overview

On September 24, 2025, Zenith Energy provided an update regarding the outcome of its SDR offering, which was aimed at expanding its reach in the Swedish market. The subscription period concluded on September 23, 2025, attracting a total of approximately SEK 6.9 million—with a subscription rate of about 27.5%. The remaining amount, close to 79.7% or around SEK 13.0 million, was allocated to guarantors under pre-arranged agreements. This brings total expected proceeds to about SEK 19.9 million before issue costs.

### Market Response and Investor sentiment

CEO Andrea Cattaneo expressed optimism regarding the strong interest from investors, highlighting an eagerness to welcome both existing and new stakeholders on the company’s growth journey. The company’s ability to attract over 300 SDR holders signifies a positive reception that could pave the way for future investments in Zenith’s endeavors.

The offerings were priced at SEK 0.45 per SDR, underscoring a strategic approach to making investments accessible while effectively generating capital. The initial trading of these SDRs is anticipated to commence on October 7, 2025, under the ticker “ZENA SDR,” accompanied by a relevant ISIN code for easy identification in the Spotlight Stock Market.

### Share Capital and Dilution Considerations

The recent offering will consequently lead to an increase in Zenith’s share capital to approximately CAD 90.2 million—a rise of CAD 2.7 million. Alongside that, the number of outstanding shares is expected to increase by around 44.3 million shares, resulting in an approximate dilution of 8.1%. Such factors are crucial for existing investors to keep in mind as they navigate the potential impacts on their holdings.

### Strategic Goals and Future Prospects

Zenith Energy aims to continue its strategic focus on developing proven energy production assets while minimizing risks associated with its exploration activities. This offering will not only serve as a capital generation effort but also as a means to catch the attention of institutional investors, potentially opening doors to larger-scale initiatives in energy production and exploration.

The move to issue SDRs and list on the Spotlight Stock Market appears to be aligned with the broader trend in global energy markets that emphasize transparency, access to capital, and wider stakeholder engagement—all essential for a company operating within such a dynamic sector.

### Legal and Compliance Landscape

Zenith ensured compliance with applicable laws and regulations during the announcement and the offering itself. The communication clarified that the offering and subsequent documentation are not to be disseminated in jurisdictions where such actions could be deemed illegal—an important aspect of maintaining corporate governance and ethical standards.

Given the regulatory complexities surrounding securities offerings, transparency in communications is vital. Zenith’s proactive approach in outlining the limitations on distribution reflects its responsibility and intent to align with established legal norms.

### Conclusion

The recent SDR offering and anticipated listing on the Spotlight Stock Market represent an important chapter in Zenith Energy Ltd.’s growth trajectory. The positive response from investors signals a renewed faith in the company’s strategic direction, focusing on sustainable energy production and development across diverse global landscapes.

As the market prepares for the official trading of the SDRs, many will be watching closely how Zenith navigates this phase and capitalizes on the opportunities that emerge in an increasingly competitive energy market landscape. With its experienced management team and strategic focus, Zenith Energy seems well-positioned to continue its upward trajectory while delivering value to its investors.

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