Business
New Zealand Energy Corp. Announces Agreement to Cancel Outstanding Loan
Vancouver, British Columbia--(Newsfile Corp. - May 12, 2025) - New Zealand Energy Corp. (TSXV: N...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp. Announces Agreement to Cancel Outstanding LoanVancouver, British Columbia--(Newsfile Corp. - May 12, 2025) - New Zealand Energy Corp. (TSXV: NZ) (\"NZEC\" or the \"Company\") announced today that, further to its July 20, 2021, August 16, 2021, July 18, 2022, October 31, 2022, April 6, 2023 and October 20, 2023 news releases, in connection with the CAD$2,000,000 loan agreement (the \"Loan\") plus accrued interest of CAD $753,997, currently held by Vliet Financing B.V. (\"Vliet\"), the Company has entered into an agreement (the \"Agreement\") dated May 8, 2025, with Vliet, to terminate the Loan in exchange for the payment by the Company to Vliet of CAD$500,000 and the issuance of 1,000,000 common shares of NZEC. In the event that the Company has been unable to make the payments to Vliet on or before July 31, 2025, Vliet has agreed to extend the maturity date of the Loan to September 20, 2026. In addition, pursuant to the Agreement, the Loan has been amended to be non-convertible. The Agreement is subject to a partial or full revocation of the existing failure to file cease trade order issued by the British Columbia Securities Commission on May 6, 2025, and subject to approval of the TSX Venture Exchange. Vliet is a company controlled by Frank Jacobs, Chairman and a director of NZEC, and therefore the termination of the Loan pursuant to the Agreement is a related party transaction for the purposes of TSX Venture ‎Exchange Policy 5.9 and Multilateral Instrument 61-101 (the \"Related Party Policies\")‎. NZEC has ‎determined that exemptions from the various requirements of the Related Party Policies are ‎‎available in connection with the Agreement (Formal Valuation - Issuer Not Listed on Specified Markets; ‎Minority Approval - Fair ‎Market Value Not More Than $2,500,000).‎‎On behalf of the Board of Directors\"Michael Adams\"CEO New Zealand Energy ContactsTel: +64-6-757-4470Email: [email protected] Website: www.newzealandenergy.comNeither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Forward-Looking Information: This news release contains \"forward-looking information\" within the meaning o...