New Zealand Energy Corp. ("NZEC" or the "Company") announced that Mr. Frank Jacobs and Mr. Michael Adams (who served as the CEO of NZEC from 2015 to 2021) have been appointed as directors of the Company.
NZEC also announced that Mr. Mark Dunphy and Dr. David Llewellyn have resigned as directors. The Company expresses its thanks for the efforts of Messrs. Dunphy and Llewellyn who have helped guide the Company to its present position where the Company now has meaningful growth targets it can pursue.
NZEC also announced that, further to its 24 October 2023 news release, it expects to complete a closing of an initial tranche of its non-brokered ?private placement offering of common shares of the Company (the "Private Placement") in the next few weeks, subject to final approval of the TSX Venture Exchange. ?The Company anticipates that a proposed investment by Vliet Techniek B.V. ("Vliet"), a company wholly-owned by Mr. Frank Jacobs, will result in Vliet becoming a holder of more than 20% of the issued capital of the Company and therefore a new Control Person (as defined in the policies of the TSX Venture Exchange) of the Company. Approval of the creation of the potential new Control Person will be submitted for approval by the disinterested shareholders of the Company at the upcoming annual general and special meeting to be held on 29 December 2023.
The Company further confirms that there is no undisclosed material information concerning NZEC or its business.
