Zenith Energy Ltd. announced that it has extended the duration of the non-binding Letter of Intent (LOI) signed with an Arab consortium of strategic institutional investors focused on African development opportunities, to provide an investment of US$2M in Zenith’s share capital for a period of 90 days (the Strategic Investment). For reference, the LOI was first announced to the market on March 31, 2020.
The terms of the LOI remain unchanged. Under the terms of the LOI, the Strategic Investment is priced at 2.5 pence per Zenith common share (equivalent to approximately NOK 0.30).
Source: PetroleumAfrica via CrudeMix Africa