Business
New Zealand Energy Announces Proposed Share Consolidation
Wellington, New Zealand--(Newsfile Corp. - October 17, 2023) - New Zealand Energy Corp. (TSXV: NZ...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Announces Proposed Share ConsolidationWellington, New Zealand--(Newsfile Corp. - October 17, 2023) - New Zealand Energy Corp. (TSXV: NZ) (\"NZEC\" or the \"Company\") announced today that the Directors have approved a consolidation of its share capital on the basis of one (1) new common share for every existing ten (10) common shares (the \"Consolidation\"), subject to regulatory approval, including approval of the TSX Venture Exchange. Effective on or about 20 October 2023, NZEC will complete the Consolidation. Where the exchange results in a fractional share, the number of common shares will be ‎rounded up to the next greater whole number of common shares if the fractional entitlement is equal to or greater than 0.5 and shall, without any additional compensation, be rounded down to the next lesser whole number of common shares if the fractional entitlement is less than 0.5 and, in calculating such fractional interests, all common shares registered in the name of and held by such shareholder shall be aggregated. The Directors believe the Consolidation should enhance the marketability of the common shares as an investment and will facilitate additional financings to fund future operations. A new CUSIP number of 650158306 replaces the old CUSIP number of 650158207 to distinguish between the pre- and post- consolidated shares. The Company's name and trading symbol will remain unchanged. The Consolidation is being conducted on a \"push-out\" basis. Shareholders of the Company, with or ‎without a physical share certificate, do not need to take any action with respect to the Consolidation. Share ‎certificates for the post-Consolidation common shares will be mailed on or about 20 October 2023. ‎Existing share certificates will be cancelled. ‎Commencing at the opening of trading on or about 20 October 2023 the common shares of the Company will trade on a post-Consolidation basis on the TSX Venture Exchange. Following the Consolidation, there are expected to be 2,321,235 post-Consolidation shares outstanding.On behalf of the Board of Directors\"James Willis\"Chairman New Zealand Energy Corp.New Zealand Energy ContactsEmail: [email protected]: www.newzealandenergy.comNeither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the po...