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New Zealand Energy Corp Closes Oversubscribed Private Placement with Total Capital Raise of $16.1 Million; Completes Acquisition of Ups NZ.V

Tuesday, 29 Oct 2013 07:00am EDT 

New Zealand Energy Corp announced that it has closed the acquisition of strategic upstream and midstream assets from Origin Energy Resources NZ (TAWN) Limited. NZEC owns a 50% interest in the Tariki, Waihapa and Ngaere Petroleum Mining Licences in the main Taranaki Basin production fairway, as well as the Waihapa Production Station and associated gathering and sales infrastructure. NZEC and L&M Energy Limited have acquired the assets jointly and formed a 50/50 joint venture to explore, develop and operate the TWN Assets, with NZEC as the operator. NZEC will immediately commence its development and exploration program for the TWN Assets. The Company also announced that the Company has closed a $16.1 million non-brokered private placement, raising $1.1 million more than the original $15 million objective. Of the funds raised, $8.2 million will be used for financing costs and general working capital while the remainder was used to finance the Acquisition. 

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31 Jul 2015