An anonymous director reports
NEW ZEALAND ENERGY CORP. PROVIDES PRIVATE PLACEMENT UPDATE
Further to the March 21, 2024, and April 8, 2024, news releases, New Zealand Energy Corp. has increased the size of its non-brokered private placement offering of common shares of the company from $4.5-million to $5-million subject to approval of the TSX Venture Exchange.
Charlestown Energy Partners LLC and certain designees intend to subscribe for two million common shares pursuant to the private placement. Charlestown Energy is a private investment vehicle associated with a family office in New York that has been making investments globally in energy since 2016.
The board of directors of the company intends to appoint Robert Bose, the managing member of Charlestown Energy, as a director of New Zealand Energy upon the closing of Charlestown's investment pursuant to the private placement, subject to approval of the TSX-V. Mr. Bose is the chief executive officer and a member of the board of Sintana Energy Inc., a public oil and natural gas exploration company with a portfolio of interests in Namibia that is listed on the TSX-V under the trading symbol SEI. Mr. Bose is also a member of the board of Black Bayou Energy Hub, the developer of an underground, salt-dome-based gas storage facility located in Cameron Parish, La. Mr. Bose brings a deep understanding of energy and capital markets, which will be of great assistance, as the company implements its plans, including initially for the Tariki gas production and storage project.
The company is no longer accepting any additional subscriptions under the private placement. The company has not yet completed a closing under the private placement, and the issuance of the common shares to the investors, including Charlestown, is subject to final approval of the TSX-V.
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