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New Zealand Energy Corp. Provides Update on Private Placement and Shares for Debt
Vancouver, British Columbia--(Newsfile Corp. - July 7, 2025) - New Zealand Energy Corp. (TSX...
About this update from New Zealand Energy Corp.
[{"type":"text","content":"New Zealand Energy Corp. Provides Update on Private Placement and Shares for DebtVancouver, British Columbia--(Newsfile Corp. - July 7, 2025) - New Zealand Energy Corp. (TSXV: NZ) (\"NZEC\" or the \"Company\") is pleased to announce that, further to its May 12, 2025, June 25, 2025, and July 3, 2025 news releases, Charlestown Energy Partners, LLC (\"Charlestown\") intends to participate in the previously announced non-brokered private placement of common shares of the Company (each a \"Common Share\") at a price of C$0.18 per Common Share for gross proceeds of up to C$3,000,000 (the \"Offering\"), and in that regard NZEC intends to settle the outstanding short term loan in the amount of C$300,000 owing to Charlestown through the issuance of 1,666,667 Common Shares at a deemed price of C$0.18 per Common Share, subject to approval of the TSX Venture Exchange (\"TSXV\"). The Common Shares issued in connection with the debt settlement will be subject to a hold period of four months from the date of closing. In addition, following the closing of the Offering, NZEC intends to issue the 1,000,000 Common Shares at a deemed price of C$0.18 per Common Share to Vliet Financing B.V. (\"Vliet\") in accordance with the agreement to terminate the outstanding loan, as previously announced on May 12, 2025 and June 25, 2025, subject to approval of the TSXV. Robert Bose, a director of the Company, is a principal of Charlestown. Vliet is a company controlled by Frank Jacobs, Chairman and a director of NZEC. The debt settlement and the termination of the outstanding loan would each be 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 proposed debt settlement and termination of the outstanding loan (Formal Valuation - Issuer Not Listed on Specified Markets; ‎Minority Approval - Fair ‎Market Value Not More Than $2,500,000).‎‎On behalf of the Board of Directors,\"Michael Adams\"CEO New Zealand Energy ContactsEmail: [email protected] Website: www.newzealandenergy.comNeither the TSX Venture Exchange nor its Regulation Services Provider (as such ter...