New Zealand Energy Corp. Closes C$3.5 Million Private Placement

Executive Summary

• New Zealand Energy Corp. closed a non‑brokered private placement of 17,500,000 common shares at C$0.20 per share, raising C$3.5 million in gross proceeds.
• Net proceeds will be used to advance the company’s gas storage business and for general corporate purposes.
• Insiders Toby Pierce and Robert Bose purchased 2,600,000 shares for C$535,000; the transaction qualifies as a related‑party transaction but is exempt from minority‑shareholder approval under MI 61‑101.

Key Details

• Offering size: 17,500,000 common shares
• Price per share: C$0.20
• Gross proceeds: C$3,500,000
• Placement type: Non‑brokered private placement conducted under NI 45‑106 Part 5A and Coordinated Blanket Order 45‑935.
• Investor eligibility: Residents of Canada; also made available to qualified investors in the United States and United Kingdom in compliance with local securities laws.
• Use of proceeds: Fund advancement of gas storage projects (e.g., Tariki Gas Storage Project) and general corporate purposes.
• Advisory fees paid: C$29,250 cash to arm’s‑length advisors.
• Insider participation:
• Toby Pierce – 800,000 shares for C$160,000
• Robert Bose – 1,800,000 shares for C$375,000
• Total insider subscription: 2,600,000 shares for C$535,000.
• Related‑party transaction: Qualifies under MI 61‑101; exempt from formal valuation and minority shareholder approval because insider participation does not exceed 25 % of market capitalization.

Notable Quotes

(No direct quotes were provided in the release.)