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New Zealand Energy Corp. Closes Final Tranche of Private Placement
Vancouver, British Columbia--(Newsfile Corp. - December 29, 2023) - New Zealand Energy Corp. (TSX...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp. Closes Final Tranche of Private PlacementVancouver, British Columbia--(Newsfile Corp. - December 29, 2023) - New Zealand Energy Corp. (TSXV: NZ) (\"NZEC\" or the \"Company\") announced that, further to its 24 October 2023, 23 November 2023 and 12 December 2023 news releases, it has completed the closing of the final tranche of the previously announced non-brokered private placement offering (the \"Private Placement\")‎ of common shares of the Company (\"Common Shares\"). Pursuant to the final tranche, NZEC issued 582,163 Common Shares at a price of C$0.38 per Common Share for gross proceeds of ‎‎$221,222. Pursuant to all tranches of the Private Placement, the Corporation received total gross proceeds of $2,280,000. ‎All securities issued in ‎connection with the final tranche of the Private Placement are subject to a hold period that expires on 30 April 2024. ‎ As previously announced, the Company intends to use the proceeds from the ‎Private Placement to procure long lead items for the Tariki-5 well and to fund working capital‎.‎Vliet Techniek B.V. (\"Vliet\"), a company wholly-owned by Mr. Frank Jacobs, a director of NZEC, subscribed for 582,163 Common Shares under the final tranche of the Private Placement. Prior to the closing of the final tranche of the ‎Private Placement, Vliet owned 1,510,000 Common Shares, or approximately 19,51% of the issued and outstanding Common Shares, which were acquired pursuant to the closing of the first tranche of the Private Placement on 12 December 2023. Vliet now owns 2,092,163 Common Shares, or approximately 25.14% of the issued and ‎outstanding Common ‎Shares. The acquisition of ‎the Common Shares by Vliet was made for investment purposes. Vliet ‎may increase or ‎decrease its ‎investment in NZEC depending on market conditions or any other relevant ‎factors. The ‎head office address ‎for NZEC is Level 6, 59 High Street Auckland, New Zealand. The ‎address for Vliet is Steenbergen, the Netherlands. ‎Shareholder approval for Vliet to become a new Control Person (as defined in the policies of the TSX Venture Exchange) of the Company was obtained at the annual general and special shareholders meeting held on 29 December 2023. T...