March 22, 2024 – Vancouver, British Columbia – New Zealand Energy Corp. (“NZEC” or the “Company”) (TSX-V: NZ) announced today that it intends to complete a non-brokered private placement offering (the “Private Placement”) of up to 6,000,000 common shares of the Company (“Common Shares”) at a price of $0.75 per share for gross proceeds of up to $4.5 million.

Since new management and directors were appointed in late November 2023, the Company has identified attractive development drilling and well interventions, for which capital is required. The net proceeds from the Private Placement will be used to advance the Company’s plans regarding the Tariki field, the Copper Moki field and the Waihapa field, and for general working capital purposes. For further information regarding the Tariki field, the Copper Moki field and the Waihapa field, please refer to the Company’s news ‎release dated February 16, 2024. ‎

NZEC will aim to close the private placement on or about April 5, 2024. The Private Placement is subject to approval of the TSX Venture Exchange. A finder’s fee of up to 5% of the gross proceeds of the Private Placement may be paid on all or any portion of the Private Placement. Additionally, finder’s warrants may be issued in an amount up to 1% of the number of Common Shares sold under the Private Placement. Each finder’s warrant may be exercised to acquire one Common Share at a price of $0.75 per share for a period of 18 months from the closing. All securities issued in connection with the Private Placement will be subject to a hold period of four months plus one day from the date of closing. Shareholders or investors who may wish to participate in the Private Placement and who seek further details about the offering should contact the Company’s Chief Financial Officer and Corporate Secretary, Ketan Chhima, at kchhima@newzealandenergy.com.

The Company also announced that it has entered into an engagement letter with Auctus Advisors LLC, to act as the Company’s UK capital markets advisor. Auctus Advisors is arm’s length to the Company and advise that they do not own any securities of the Company. Auctus Advisors is based in Kent, UK and is a specialist Equity Capital Markets and Advisory business, with a focus in the Energy Sector. For more information regarding Auctus Advisors, please visit https://www.auctusadvisors.co.uk/

The services that Auctus Advisors will provide include acting as a point of contact between the investment community and the Company, preparing and publishing equity research on the ‎Company, advising the Company on investment conditions and the pricing of its securities and developing an awareness of the Company and its business with institutional and other shareholders. The engagement is for an initial term of one year and shall continue unless terminated by either party by providing three months’ prior written notice. Pursuant to the agreement, in the initial term Auctus Advisors will be paid a retainer fee of ‎‎£60,000, payable quarterly in advance.

The Board of Directors

New Zealand Energy Contacts
Email: info@newzealandenergy.com
Website: www.newzealandenergy.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian ‎securities legislation. All statements, other than statements of historical fact, included herein are forward-‎looking information. In particular, this news release contains forward-looking information regarding: the ‎ ‎Private Placement, the potential use of proceeds of the Private Placement, the closing date ‎for the Private ‎Placement. There can be no assurance that such forward-looking information will ‎prove to be accurate, and actual results and future events could differ materially from those anticipated in ‎such forward-looking information. This forward-looking information reflects NZEC’s current beliefs and is ‎based on information currently available to NZEC and on assumptions NZEC believes are reasonable. These ‎assumptions include, but are not limited to: the ‎underlying value of NZEC and its common shares; TSX ‎Venture Exchange approval of the ‎Private Placement;  NZEC’s general and ‎administrative costs remaining ‎constant; ‎and the market acceptance of NZEC’s business strategy. Forward-‎looking information is subject to known and unknown risks, uncertainties and other factors that may cause the ‎actual results, level of activity, performance or achievements of NZEC to be materially different from those ‎expressed or implied by such forward-looking information. Such risks and other factors may include, but are ‎not limited to: general business, economic, competitive, political and social uncertainties; industry conditions; ‎volatility of commodity prices; imprecision of reserve estimates; environmental risks; operational risks in ‎exploration and development; general capital market conditions and market prices for securities; delay or ‎failure to receive board or regulatory approvals; the actual results of future operations; competition; changes ‎in legislation, including environmental legislation, ‎affecting NZEC; the timing and availability of external ‎financing on acceptable terms; and lack of qualified, skilled labour or loss of key individuals. A description of ‎additional risk factors that may cause actual results to differ materially from forward-looking information can ‎be found in NZEC’s disclosure documents on the SEDAR+ website at www.sedarplus.ca. Although NZEC has ‎attempted to identify important factors that could cause actual results to differ materially from those contained ‎in forward-looking information, there may be other factors that cause results not to be as anticipated, ‎estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are ‎further cautioned not to place undue reliance on forward-looking information as there can be no assurance ‎that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information ‎contained in this news release is expressly qualified by this cautionary statement. The forward-looking ‎information contained in this news release represents the expectations of NZEC as of the date of this news ‎release and, accordingly, is subject to change after such date. However, NZEC expressly disclaims any ‎intention or obligation to update or revise any forward-looking information, whether as a result of new ‎information, future events or otherwise, except as expressly required by applicable securities law.‎

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