**Summary**
Zenith Energy Ltd. announced the outcome of its offering of Swedish Depository Receipts (SDRs) in connection with its planned listing on the Spotlight Stock Market. The subscription period ended on September 23, 2025, with approximately SEK 6.9 million subscribed, representing a 27.5% subscription rate. The remaining portion (SEK 13.0 million, or 52.2% of the offering) was allocated to guarantors. Zenith will receive approximately SEK 19.9 million before issue costs, with over 300 SDR holders participating. Trading of the SDRs is expected to commence on October 7, 2025, under the ticker **ZENA SDR** (ISIN: SE0025938210).
Key highlights
**Subscription Details**SEK 6.9 million (27.5%) subscribed by investors, with SEK 13.0 million (52.2%) allocated to guarantors.
**Proceeds**Zenith will receive SEK 19.9 million before deducting issue costs of SEK 1.4 million and cash guarantee compensation of SEK 1.6 million.
**Dilution**Share capital will increase by CAD 2,721,418, resulting in an 8.1% dilution.
**Timeline**Transaction notes expected on September 24, settlement on September 29, and trading start on October 7, 2025.
**Management Comment**CEO Andrea Cattaneo expressed satisfaction with the strong investor interest and welcomed new investors to support Zeniths growth journey.
The offering is part of Zeniths strategy to expand its investor base and fund its energy production, exploration, and development activities in North Africa, the US, and Europe. The company is already listed on the London Stock Exchange (LSE: ZEN) and the Euronext Growth of the Oslo Stock Exchange (OSE: ZENA).