Business
New Zealand Energy Corp. Closes First Tranche of Private Placement
Vancouver, British Columbia--(Newsfile Corp. - December 12, 2023) - New Zealand Energy Corp. (TSX...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp. Closes First Tranche of Private PlacementVancouver, British Columbia--(Newsfile Corp. - December 12, 2023) - New Zealand Energy Corp. (TSXV: NZ) (\"NZEC\" or the \"Company\") announced that, further to its 24 October 2023 and 23 November 2023 news releases, it has completed the closing of the first tranche of the previously announced non-brokered private placement offering (the \"Private Placement\")‎ of common shares of the Company (\"Common Shares\"). NZEC issued 5,417,837 Common Shares at a price of C$0.38 per Common Share for gross proceeds of ‎‎$2,058,778. ‎All securities issued in ‎connection with the Private Placement are subject to a hold period that expires on 13 April 2024. ‎ Finders acting in connection with the Private Placement received fees in the ‎aggregate amount of $60,950. It is anticipated that NZEC will close a final tranche of the Private Placement on or about 29 December 2023.‎Vliet Techniek B.V. (\"Vliet\"), a company wholly-owned by Mr. Frank Jacobs, a director of NZEC, subscribed for 1,510,000 Common Shares under the first tranche of the Private Placement. Vliet intends to subscribe for a further 582,163 Common Shares pursuant to the final tranche of the Private Placement. If these additional Common Shares are issued by the Company, Vliet would hold more than 20% of the outstanding Common Shares of NZEC, and therefore, in accordance with the policies of the TSX Venture Exchange, disinterested shareholder approval is required to approve Vliet becoming a new Control Person (as defined in the policies of the TSX Venture Exchange) of the Company. Such approval will be sought at the upcoming annual general and special shareholders meeting to be held on 29 December 2023. As noted above, Vliet has been issued 1,510,000 Common Shares. Prior to the ‎offering, Vliet did not own any Common Shares. Vliet now owns 1,510,000 Common Shares, or approximately 19.51% 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 Au...