Zenith Energy shares dipped 7.1% to 6.5p after the firm completed private placements in the UK and Norway, issuing new shares to settle debt and entering an unsecured convertible loan facility.
These actions raised approximately £3.08m, with the proceeds expected to fund arbitration legal costs, advance its solar development pipeline (including a planned July 2026 start on its first site), prepare EIAs for its Italian uranium work and provide general working capital.
"The additional funding enables the company to continue advancing these key pillars of its strategy and positions it to deliver potential transformational value, with a range of value catalysts expected between now and the end of the year," Cattaneo said.
It will issue 44.61m New Common Shares (40.98m in Norway raising NOK 35.65m at NOK 0.87 per share, a 3.33% discount to the 27 April Oslo close, and 3.63m in the UK raising £250,000), the company also issued 20.96m Debt Settlement Shares valued at NOK 18.24m, bringing total shares to 714.76m.
Directors Andrea Cattaneo and Luca Benedetto subscribed 1.6m and 1.07m New Common Shares, respectively, taking their direct holdings to 58.23m (8.15%) and 17.33m (2.42%).
The new unsecured convertible facility is for up to £2m, carries 5% interest, is repayable on 27 April 2027, is convertible (with certain limitations) at £0.093 per share alongside 6.9m two‑year warrants exercisable at £0.083.
