(TheNewswire)
Vancouver, British Columbia – TheNewswire - May 31, 2023 - G2 Energy Corp. (CSE:GTOO ) , ( FWB:UD9) ( the " Company " or" G2 ") announcestoday it will be seeking the Canadian Securities Exchange (the“ CSE ”) approval to consolidate all of its issued andoutstanding common shares (the “ Common Shares ”) onthe basis of 5:1, with each five (5) pre-consolidated Common Sharesbeing consolidated into one (1) post-consolidated Common Share (the“ ShareConsolidation ”). In accordance with theCompany’s articles, shareholder approval will not be required forthe proposed Share Consolidation. The proposed Share Consolidationhas been approved by the Company’s board of directors.
The proposed Share Consolidationwould result in the number of issued and outstanding Common Sharesbeing reduced from the current outstanding 91,697,885 Common Shares toapproximately 18,339,577 Common Shares. The Company also hasoutstanding warrants to purchase 74,984,150 Common Shares reserved forissuance, equal to 14,996,830 Common Shares on a post consolidationbasis and also has outstanding stock options to purchase 2,650,000Common Shares reserved for issuance, equal to 530,000 Common Shares ona post consolidation basis.
No fractional shares will be issued as a result of theShare Consolidation. Any fractional shares resulting from the ShareConsolidation will be rounded down to the next whole Common Share, andno cash consideration will be paid in respect of fractional shares.
The Company’s board of directors believes that theShare Consolidation will provide the Company with greater flexibilityfor the continued development of its business and the growth of theCompany, including financing arrangements. There is no change ofbusiness associated or being effected with respect of the ShareConsolidation. In addition, the Company will not be changing its nameduring the Share Consolidation.
The Company will be obtaining a new set of new CUIP andISIN numbers for the Share Consolidation. The record date for theShare Consolidation will be June 12, 2023. The effective date of theShare Consolidation and the new CUSIP and ISIN numbers will bedisclosed in a subsequent news release. Generally, with respect of aconsolidation, the shares would commence quotation on the CSE on aconsolidated basis on the first trading day prior to the record date,being the effective date and the CSE would issue a bulletin to dealersadvising of the share consolidation and effective date of trading onthe consolidated basis. Notwithstanding the foregoing, the ShareConsolidation is subject to regulatory approval, and the board ofdirectors may, at its discretion, determine to amend the terms or tonot to move forward with the Share Consolidation.
On Behalf of the Board,
“ SlawekSmulewicz ”
Slawek Smulewicz
CEO
For further information, please contact
John Costigan
VP Corporate Development
O: +1 778 7754985
W: WWW.G2.ENERGY
About G2 EnergyCorp.
G2 is a junior oil and gas producer listed on the CSEexchange. It's primary focus is to acquire and develop additionaloverlooked, low risk, high return opportunities in the oil and gassector. G2's strategy is to obtain a portfolio of risk-managedproduction and development opportunities onshore, U.S.A. In May 2022,G2 acquired the Masten Unit in the Permian Basin, Texas. The MastenUnit is the Company's first producing asset. G2 is targeting top tierprojects with operating netbacks and infrastructure facilities whichwill fast track overall oil and gas production growth.
The Canadian Securities Exchange hasneither approved nor disapproved the information containedherein.
Forward Looking StatementsCaution
Statements in this press releaseregarding the Company which are not historical facts are“forward-looking statements” that involve risks and uncertainties.Such information can generally be identified by the use offorwarding-looking wording such as “may”, “expect”,“estimate”, “anticipate”, “intend”, “believe” and“continue” or the negative thereof or similar variations. Sinceforward-looking statements address future events and conditions, bytheir very nature, they involve inherent risks and uncertainties. TheCompany provides forward-looking statements for the purpose ofconveying information about current expectations and plans relating tothe future, including expectations regarding the Company's ability tomeet its outstanding obligations, and readers are cautioned that suchstatements may not be appropriate for other purposes. By its nature,this information is subject to inherent risks and uncertainties thatmay be general or specific and which give rise to the possibility thatexpectations, forecasts, predictions, projections or conclusions maynot prove to be accurate, that assumptions may not be correct and thatobjectives, strategic goals and priorities may not be achieved. Theserisks and uncertainties include but are not limited to thoseidentified and reported in the Company’s public filings under theCompany’s SEDAR profile at www.sedar.com. The Company's ability tomeet its outstanding obligations could differ materially from thosecurrently anticipated due to factors such as: the performance offacilities and pipelines, commodity prices, price volatility, pricedifferentials and the actual prices received for the Company’sproducts, royalty regimes and exchange rates, the availability ofcapital, labour and services, the creditworthiness of industrypartners, G2’s ability to acquire additional assets, unexpected increases in operating costs,and risks associated with potential future lawsuits and regulatoryactions made against the Company including but not limited to beingfound in default of the Company's obligations to Cloudbreak. Althoughthe Company has attempted to identify important factors that couldcause actual actions, events or results to differ materially fromthose described in forward-looking information, there may be otherfactors that cause actions, events or results not to be asanticipated, estimated or intended. There can be no assurance thatsuch information will prove to be accurate as actual results andfuture events could differ materially.
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