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

Core Viewpoint - New Zealand Energy Corp. has successfully completed a non-brokered private placement, raising C$3,500,000 through the issuance of 17,500,000 common shares at a price of C$0.20 per share [1]. Group 1: Offering Details - The private placement was conducted under National Instrument 45-106 and was available to Canadian residents as well as certain jurisdictions outside Canada, including the United States and the United Kingdom [2]. - The net proceeds from the offering will be utilized to advance the company's gas storage business and for general corporate purposes [3]. - Advisory fees of C$29,250 were paid in cash to certain arm's length parties in connection with the offering [3]. Group 2: Insider Participation - Insiders Toby Pierce and Robert Bose participated in the offering, purchasing 800,000 and 1,800,000 common shares, respectively, for a total subscription amount of C$535,000 [4]. - This offering is classified as a "related party transaction" under Multilateral Instrument 61-101, but the company is exempt from obtaining a formal valuation and minority shareholder approval as the insiders' participation does not exceed 25% of the company's market capitalization [4]. Group 3: Company Overview - New Zealand Energy Corp. is a publicly listed energy company focused on developing oil, gas, and gas-storage opportunities in New Zealand [5]. - The company holds interests in multiple heritage assets and development-stage projects, including the Tariki Gas Storage Project in the Taranaki Basin [5]. - With a 50% ownership stake in the Waihapa production station, the company is positioned to quickly tie in near-term production and sell directly to the market [5].