Zenith Energy SDR offering oversubscribed, trading set for October 7

Zenith Energy Ltd.'s Swedish Depository Receipt (SDR) offering, for its planned listing on Spotlight Stock Market, closed on September 23, 2025. The offering was subscribed to approximately SEK 6.9 million, representing a 27.5% subscription rate. The remaining SEK 13.0 million, or 52.2% of the offering, was allocated to guarantors, bringing total proceeds to Zenith to approximately SEK 19.9 million before issue costs. The company will have over 300 SDR holders, with trading under the ticker ZENA SDR expected to commence on October 7, 2025.

The subscription price was SEK 0.45 per SDR. After deducting issue costs of approximately SEK 1.4 million and cash guarantee compensation of SEK 1.6 million, Zenith will receive SEK 19.9 million. The share capital will increase by CAD 2,721,418, from CAD 87,490,000 to CAD 90,211,418, resulting in an 8.1% dilution for existing shareholders.

Transaction notes are scheduled for delivery on September 24, 2025, with a settlement date of September 29, 2025. Zenith chief executive Andrea Cattaneo expressed satisfaction with the strong interest and welcomed new investors.