New Zealand Energy Corp. has received a receipt from the British Columbia Securities Commission for the Company's preliminary short form prospectus, filed in relation to the recently completed non-brokered private placement that raised gross proceeds of $16.1 million.
The Company issued 48.9 million subscription receipts ("Subscription Receipts") at a price of $0.33 per Subscription Receipt. The Subscription Receipts are convertible into units (the "Units") consisting of one common share (a "Share") and one-half of one non-transferable share purchase warrant (each whole warrant referred to as a "Warrant") of the Company. Each Warrant will entitle the holder to acquire one Share at a price of $0.45 with an expiry date of October 28, 2014. Each Subscription Receipt will automatically convert into one Unit on the date that a final receipt for the prospectus has been issued by the applicable regulatory authorities. The Shares and the Shares underlying the Warrants will be free-trading on conversion of the Subscription Receipts and exercise of the Warrants.