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New Zealand Energy Corp. Announces Proposed Private Placement and Engagement of Auctus Advisors
Vancouver, British Columbia--(Newsfile Corp. - March 21, 2024) - New Zealand Energy Corp. (TSXV:...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp. Announces Proposed Private Placement and Engagement of Auctus AdvisorsVancouver, British Columbia--(Newsfile Corp. - March 21, 2024) - New Zealand Energy Corp. (TSXV: NZ) (\"NZEC\" or the \"Company\") announced today that it intends to complete a non-brokered private placement offering (the \"Private Placement\") of up to 6,000,000 common shares of the Company (\"Common Shares\") at a price of $0.75 per share for gross proceeds of up to $4.5 million. Since new management and directors were appointed in late November 2023, the Company has identified attractive development drilling and well interventions, for which capital is required. The net proceeds from the Private Placement will be used to advance the Company's plans regarding the Tariki field, the Copper Moki field and the Waihapa field, and for general working capital purposes. For further information regarding the Tariki field, the Copper Moki field and the Waihapa field, please refer to the Company's news ‎release dated February 16, 2024. ‎NZEC will aim to close the private placement on or about April 5, 2024. The Private Placement is subject to approval of the TSX Venture Exchange. 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. Additionally, finder's warrants may be issued in an amount up to 1% of the number of Common Shares sold under the Private Placement. Each finder's warrant may be exercised to acquire one Common Share at a price of $0.75 per share for a period of 18 months from the closing. 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's Chief Financial Officer and Corporate Secretary, Ketan Chhima, at [email protected] Company also announced that it has entered into an engagement letter with Auctus Advisors LLC, to act as the Company's UK capital markets advisor. Auctus Advisors is arm's length to the Company and advise that they do not own any securities of the Company. Auctus Advisors is based in Kent, UK and is a specialist Equity Capital Markets and Advisory business, ...