Azerbaijan-focused Zenith Energy has raised £2.2 million through the placing of 54.2 million new common shares.
Calgary-based Zenith is dual listed on the Toronto Venture Exchange and London Stock Exchange.
It operates the largest onshore oilfield in Azerbaijan following the signing of a 25-year agreement with Azeri state oil company Socar.
The firm’s enlarged issued share capital following admission will be just over 214 million common shares.
The new common shares will comprise about 25.3% of the enlarged issued share capital on admission.
Zenith said: “Application has been made to the UK Listing Authority for the new common shares and the 6,721,647 admission shares to be admitted to the standard segment of the Official List of the UKLA and to the London Stock Exchange for admission to trading on the main market for listed securities of the London Stock Exchange.
“The new common shares and the admission shares will rank pari passu in all respects with the company’s existing common shares and it is expected that admission will become effective and that dealings in the new common shares and the admission shares will commence on or around 8.00 a.m. on 26 June 2018.
“An application will also be made for the new common shares to be listed on the TSX Venture Exchange.”
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