Major changes to the Board of Directors of New Zealand Energy Corp

Wellington, New Zealand–(Newsfile Corp. – November 23, 2023) – New Zealand Energy Corp. (TSXV: NZ) (“NZEC” or the “Company”) has recently made significant changes to its Board of Directors. Mr. Frank Jacobs and Mr. Michael Adams has been appointed as a director, bringing his extensive experience and knowledge to the company. Having served as CEO of NZEC from 2015 to 2021, Mr Jacobs will undoubtedly bring valuable insights to the Board.

In light of these new appointments, Mr Mark Dunby and Dr David Llewellyn have resigned as Directors. The Company expresses its gratitude to Mr Dunphy and Mr Llewellyn for their valuable contributions in leading NZEC to its current position of pursuing significant growth objectives.

Additionally, NZEC has provided an update on non-brokered private placement offerings of common shares. Subject to final approval by the TSX Venture Exchange, the company is expected to complete the first tranche of the offering in the coming weeks. Vliet Techniek BV, owned by Mr Frank Jacobs, is expected to invest in NZEC, resulting in Vliet becoming a significant shareholder and new controller of the company. Approval for the formation will be sought from disinterested shareholders of the company at next year’s general and special meeting.

Importantly, NZEC ensures that there is no undisclosed information about the company or its businesses.

Overall, these board changes and progress in private placement demonstrate NZEC’s commitment to strengthening leadership and pursuing growth opportunities.

Frequently Asked Questions

1. Who are the new directors of New Zealand Energy Corp?
The new directors of NZEC are Mr Frank Jacobs and Mr Michael Adams.

2. Who resigned as directors?
Mr Mark Dunphy and Dr David Llewellyn have resigned as directors of NZEC.

3. What is the status of private placement?
Subject to final approval by the TSX Venture Exchange, the first tranche of the non-brokered private placement offering of common stock is expected to close in the coming weeks.

4. How will Vliet Techniek BV’s proposed investment affect NZEC?
Mr. The proposed investment by Vliet Techniek BV, a company owned by Frank Jacobs, will make Vliet the owner of more than 20% of the company’s capital and a new controller.

5. When is permission required to create a new controller?
Approval of the formation of the new regulator will be given to disinterested shareholders of NZEC at the annual general and special meeting scheduled for December 29, 2023.