Business
New Zealand Energy Corp. Closes $2 Million Private Placement
Vancouver, British Columbia--(Newsfile Corp. - November 22, 2024) - New Zealand Energy Corp.
...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp. Closes $2 Million Private PlacementVancouver, British Columbia--(Newsfile Corp. - November 22, 2024) - New Zealand Energy Corp. (TSXV: NZ) (\"NZEC\" or the \"Company\") announced that, further to its October 31, 2024 and November 7, 2024 news releases, it has completed the closing of the previously announced non-brokered private placement offering (the \"Private Placement\")‎ of common shares of the Company (\"Common Shares\"), subject to final approval of the TSX Venture Exchange. NZEC issued 4,444,444 Common Shares at a price of C$0.45 per Common Share for gross proceeds of ‎‎$2,000,000. ‎All securities issued in ‎connection with the Private Placement are subject to a hold period that expires on March 23, 2025. The net proceeds from the Private Placement will be used to fund the sidetrack of the Tariki-5 well, i.e. Tariki-5A, and to advance the Company's plans regarding the Tariki gas production/storage development and for general working capital. A company wholly-owned by Frank Jacobs, a director of NZEC, subscribed for 100,000 Common Shares under the Private ‎Placement. In addition, Charlestown Energy Partners, LLC, a private equity firm at which Robert Bose is a Managing Member, subscribed for 444,444 Common Shares pursuant to the Private Placement. Accordingly, the Private Placement is 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 Private Placement (Formal Valuation - Issuer Not Listed on Specified Markets; ‎Minority Approval - Fair ‎Market Value Not More Than $2,500,000).‎‎As noted above, a company wholly owned by Mr. Jacobs subscribed for 100,000 Common Shares. Prior to the ‎offering, Mr. Jacobs controlled 2,127,163 Common Shares, or approximately 14.19% of the total issued and ‎‎outstanding Common Shares and 200,000 stock options‎. Mr. Jacobs now owns 2,227,163 Common Shares, or approximately 10.84% of the ‎issued and ‎outstanding Common ‎Shares and 200,000 stock options. Assuming the exercise of the &#...