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New Zealand Energy Corp. Announces Private Placement for up to C$3,000,000 and Appointment of New Director
Vancouver, British Columbia--(Newsfile Corp. - July 3, 2025) - New Zealand Energy Corp. (TSX...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp. Announces Private Placement for up to C$3,000,000 and Appointment of New DirectorVancouver, British Columbia--(Newsfile Corp. - July 3, 2025) - New Zealand Energy Corp. (TSXV: NZ) (\"NZEC\" or the \"Company\") is pleased to announce that it intends to complete a non-brokered private placement of common shares of the Company (each a \"Common Share\") at a price of C$0.18 per Common Share for gross proceeds of up to C$3,000,000 (the \"Offering\").The net proceeds from the Offering will be used to fund ongoing work on Tariki gas storage project, to terminate the outstanding loan currently held by Vliet Financing B.V. (\"Vliet\") in accordance with the agreement previously announced on May 12, 2025, and June 25, 2025, and for general working capital. Vliet is a company controlled by Frank Jacobs, Chairman and a director of NZEC, and therefore the termination of the outstanding loan would be 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 proposed termination of the outstanding loan (Formal Valuation - Issuer Not Listed on Specified Markets; ‎Minority Approval - Fair ‎Market Value Not More Than $2,500,000).‎‎Several of the Company's significant shareholders have indicated they will participate in the Offering.‎ The closing of the Offering may occur in one or more tranches, the first of which is expected to close on ‎or about July 11, 2025.Closing of the Offering is subject to receipt of all regulatory approvals, ‎including approval of the TSX Venture Exchange‎. All securities issued in connection with the Offering will be subject to a hold period of four ‎months plus one day from the date of closing. Shareholders or investors who may wish to ‎participate in the Private Placement and who seek further details about the offering should contact ‎the Company's Chief Financial Officer and Corporate Secretary, Ketan Chhima, at [email protected] Company is also pleased to announce the appointment of Toby Pierce as a director of the Corporation.Toby Pi...