Zenith Energy has entered into a loan agreement with Winance, a Dubai registered single-family office, for a total amount of EUR 2.1 million to finance its operations in Tunisia.
Andrea Cattaneo, Chief Executive Officer of Zenith said it is the first financing agreement with Winance. This is fruit of the considerable effort made by Zenith’s management team in developing our funding strategy with emphasis towards Arab and Middle Eastern financial markets.
The Company will use the funds obtained from the Loan to commence its near-term operational objectives in Tunisia, as well as providing additional capital for potential acquisitions that the Company may seek to complete. We shall update the market in due
course regarding our operational program in Tunisia.
In view of the confidence of the Company’s management in the value creation potential of our possible near-term progress, “Zenith shall seek to minimize the use of the Reserve Shares to fulfil the obligations arising from the Loan, and instead maximize the use of the Company’s financial resources generated from oil production.”
Waqas Ibrahim, Director and CFO of Winance said as a strategic partner, Winance “shall seek to support Zenith’s growth aspirations for the foreseeable future by utilizing our extensive expertise to innovate and adapt to the evolving funding requirements it may have as it delivers on its ambitious African development campaign.”