Business
New Zealand Energy Corp. Announces Proposed Share Consolidation
Wellington, New Zealand--(Newsfile Corp. - June 21, 2021) - New Zealand Energy Corp. (TSXV: NZ...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp. Announces Proposed Share ConsolidationWellington, New Zealand--(Newsfile Corp. - June 21, 2021) - New Zealand Energy Corp. (TSXV: NZ) (\"NZEC\" or the \"Company\") announced today 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 23 June 2021, 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 share as an investment and will facilitate additional financings to fund future operations. A new CUSIP number of 650158207 replaces the old CUSIP number of 650158108 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. DRS statements for the post-Consolidation common shares will be mailed on or about 23 June 2021. ‎Existing share certificates will be cancelled. ‎Commencing at the opening of trading on or about 23 June 2021, 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 23,212,346 post-Consolidation shares outstanding.The Company also takes this opportunity to provide an operational update. The onshore Tariki 3D seismic survey, covering 71 sq km is currently in progress. At the Waihapa-Ngaere fields, work to restore continuous gas-lift to the 4 primary producers is proceeding with the recent acquisition by the join...