I noticed that a Form 45-106F1 Report of Exempt Distribution was filed on Aug 1st on SEDAR for Zenith.

A few things to note from this report:

Item 5.h - Issuer Information - Size of issuer's assets - indicates $5M to under $25M.  It seems to me that Zenith was valued at quite a bit more than $25M.  Maybe they filled the form out incorrectly.

Item 7.d - Information about the Distribution  - Types of securities distributed:

672,500 Units.  Seems that shares were priced at $2.60 CAD and warrants at $3.90 CAD expiring in Jul 2021.  This brought in $1,748,500 CAD to the company

Item 7.f - Summy of the distribution by jurisdiction and exemption

$1.3M in Germany; $260K in USA; $58.5K in Caymans; $130K in Alberta.  I can guess who the Caymans and perhaps German participants might have been - hopefully that's a good sign. 

This seems far short of what we expected to be a 10M shares they had announced on Jun 4. 

Hmmm.  Wondering what is going on at Zenith.  As usual, a mystery.

masila