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New Zealand Energy Corp. Announces Proposed Private Placement
Wellington, New Zealand--(Newsfile Corp. - October 24, 2023) - New Zealand Energy Corp. (TSX...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp. Announces Proposed Private PlacementWellington, New Zealand--(Newsfile Corp. - October 24, 2023) - New Zealand Energy Corp. (TSXV: NZ) (\"NZEC\" or the \"Company\") announced today its intention to complete a non-brokered private placement offering up to 6,000,000 common shares of the Company at a price of C$0.38 per share, for gross proceeds of up to C$2,280,000 (the \"Private Placement\"). A finder's fee of up to 5% of the gross proceeds of the Private Placement may be paid on all or any portion of the Private Placement.The net proceeds from the Private Placement will be used to procure long lead items for the Tarki-5 well and to fund working capital. As announced on 31 October 2022, NZEC received an independent reserves evaluation (the \"Reserve Report\") from RPS Energy Canada Limited in respect of the Tariki field located in the Petroleum Mining Licence (PML 38138) held as to 50% by NZEC's wholly owned subsidiary, NZEC Tariki Limited. For further information regarding the Tariki Field and the Reserve Report please refer to the Company's news release dated 31 October 2022. To further finance the Tariki-5 well, NZEC will advance discussions with one or more gas purchasers interested in acquiring Tariki gas in the ground.NZEC will aim to close the Private Placement on or about 14 November 2023. The Private Placement is subject to regulatory approval, including approval of the TSX Venture Exchange. All securities issued in connection with the Private Placement 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 Secretary, Mr. Ketan Chhima at [email protected]. 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 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 of applicable Canadian securities legislation. All statements...