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New Zealand Energy Corp. Announces Revocation of CTO, Resumption of Trading and Provides Corporate Update
Vancouver, British Columbia--(Newsfile Corp. - June 25, 2025) - New Zealand Energy Corp. (T...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp. Announces Revocation of CTO, Resumption of Trading and Provides Corporate UpdateVancouver, British Columbia--(Newsfile Corp. - June 25, 2025) - New Zealand Energy Corp. (TSXV: NZ) (\"NZEC\" or the \"Company\") announces that it has received an order from the British Columbia Securities Commission dated effective June 4, 2025, granting the full revocation of the cease trade order previously issued on May 6, 2025. Upon the issuance of the cease trade order, the common shares of NZEC were suspended from trading on the TSX Venture Exchange (\"TSXV\"). The common shares will be reinstated for trading on the TSXV at the opening of trading on or about Friday, June 27, 2025.The Company also announces that it has received short term loans in the amount of C$300,000 from Charlestown Energy Partners, LLC (\"Charlestown\") and in the amount of C$182,000 from Vliet Financing BV (\"Vliet\") on May 27, 2025, subject to TSXV approval. The loans are unsecured and non-convertible, with interest payable at 15% per annum, due on August 27, 2025, were issued with an original issuance discount of 10% and for greater certainty, no securities were issued as part of the loan agreements. Mr. Robert Bose, a director of NZEC, is a principal of Charlestown and Vliet is a company controlled by Mr. Frank Jacobs, Chairman and a director of NZEC, and therefore the loans are related party transactions for the purposes of TSXV 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 loans (Formal Valuation - Issuer Not Listed on Specified Markets; ‎Minority Approval - Fair ‎Market Value Not More Than $2,500,000).‎‎The Company also noted that, in connection with the working capital deficiency of C$4,013,465 as disclosed in the interim financial statements for the three months ended March 31, 2025, a total of $2.7 million related to an outstanding loan, which, as disclosed in its news release dated May 12, 2025, has been amended, subject to TSXV approval, to allow the Company to terminate the loan in exchange for the payment by the Company to Vliet of C$500,000 and the issuance of 1,000,000 common shares of NZEC. ...