February 28, 2024

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The New Zealand Energy Corporation Board directs the development

The New Zealand Energy Corporation Board directs the development

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 expertise to the company. Having served as Chief Executive of NZEC from 2015 to 2021, Mr Jacobs will no doubt 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 would like to thank Messrs Dunphy and Llewellyn for their valuable contributions in guiding NZEC towards its current significant growth objectives.

In addition, NZEC has provided an update on the non-brokered private placement offering of its 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. Mr. Vliet Techniek BV, wholly owned by Frank Jacobs, is expected to invest in NZEC, resulting in Vliet becoming a significant shareholder and the new primary controller in the company. Approval for the formation will be sought from the independent 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 business.

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.

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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 offer?
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 the new primary controller.

5. When will approval be sought for creation of new Chief Controller?
Approval of the new lead controller will be given to NZEC’s independent shareholders at the annual general and special meeting scheduled for December 29, 2023.