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New Zealand Energy Corp Announces Private Placement Of Up To $15 Million

Thursday, 19 Sep 2013 09:00am EDT 

New Zealand Energy Corp announced the terms of a non-brokered private placement of up to $15 million. The Offering is scheduled to close by September 30 and will consist of up to 45.5 million of subscription receipts at a price of $0.33 per Subscription Receipt. The Subscription Receipts will be convertible into units consisting of one common share and one-half of one non-transferable share purchase warrant of the Company. Each Warrant will entitle the holder to acquire one Share at a price of $0.45 for a period of 12 months following closing of the Offering. The proceeds from the sale of the Subscription Receipts will be used to complete the acquisition of assets from Origin Energy Resources NZ (TAWN) Limited, a wholly-owned subsidiary of Origin Energy Limited and for general working capital. The funds will be held in escrow and released on closing of the Acquisition. If the Company is unable to close the Acquisition then the proceeds from the sale of the Subscription Receipts will be returned to the subscribers. 

Company Quote

0.0050 +10.00%
10:42am EST