Business
New Zealand Energy Announces Closing of $850,000 Private Placement Financing
Vancouver, British Columbia--(Newsfile Corp. - December 16, 2014) - New Zealand Energy Corp. (...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"\nNew Zealand Energy Announces Closing of $850,000 Private Placement FinancingVancouver, British Columbia--(Newsfile Corp. - December 16, 2014) - \nNew Zealand Energy Corp. (TSXV: NZ) (OTCQX: NZERF) (\"NZEC\"or the \"Company\") , announced today that is has closed the previously announced non-brokered private placement offering of 17,000,000 units at a price of $0.05 per unit, for gross proceeds of $850,000, subject to TSX Venture Exchange \nfinal approval. Each unit consists of one common share and one common share purchase warrant. Each whole warrant entitles the holder thereof to acquire one common share at a price of $0.07 per share until December 15, 2015.\n\nAll securities issued in connection with the offering are subject to a hold period that expires on April 16, 2015. The net proceeds from the offering will be used for general working capital. \n\nGeoservices Limited acquired the 17,000,000 units under the private placement, and upon completion of the private placement Geoservices Limited will own or control 17,000,000 common shares or approximately 9.05% of NZEC’s total issued and \noutstanding common shares, and 17,000,000 common share purchase warrants. Assuming the exercise of the warrants, Geoservices Limited would own or control 34,000,000 common shares or approximately 16.60% of NZEC’s total issued and outstanding \ncommon shares. The purchase of the securities by Geoservices Limited was made for investment purposes. Geoservices Limited may increase or decrease its investment in NZEC depending on market conditions or any other relevant factors.\n\nOn behalf of the Board of Directors \n\n\"David Robinson\"\n\nChief Executive Officer & Director\n\nAbout New Zealand Energy Corp. \n\nNZEC is an oil and natural gas company engaged in the production, development \nand exploration of petroleum and natural gas assets in New Zealand. NZEC's \nproperty portfolio collectively covers approximately 1.15 million acres of \nconventional and unconventional prospects in the Taranaki Basin and East Coast \nBasin of New Zealand's North Island. The Company's management team has extensive \noil and gas exploration and operations experience in New Zealand. NZEC plans to \nexecute a technically disciplined exploration and development program focused on \nthe onshore and offshore oil and natural gas resources in the po...