(TheNewswire)
Vancouver, British Columbia – TheNewswire - March 22, 2023. G2 Energy Corp. (CSE:GTOO ) , ( FWB:UD9) (the " Company " or " G2 ") announces today that it has closed thefirst tranche of a non-brokered private placement issuing 25,836,000units (the “ Units ”) at a price of $0.02 per Unit toinvestors for gross proceeds of $516,736.00 ($206,080.00 in cash andsettled $310,656.00 in debt to certain creditors) The company alsoissued 2,340,000 shares in the capital of the Company at a deemedprice of $0.05 to settle $117,000.00 in debt.
Each Unit consists of one common share (each, a“ Unit Share ”) and onecommon share purchase warrant (each, a " Warrant "),whereby each Warrant entitles the holder to purchase one additionalshare in the capital of the Company (the “ Shares ”) for aperiod of thirty-six months from closing at an exercise price of $0.05per Share.
Proceeds from the gross proceeds are intended to beused in connection with further settlement of debt including debentureholder Cloudbreak Discovery PLC and working capital purposes.
As a subscriber to the Private Placement, SlawomirSmulewicz, a director and officer of G2, acquired indirectly, throughBlue Amber Enterprise Ltd. 7,820,000 Units. Participation of insiders of the Company in the Offering willconstitute a related party transaction as defined under MultilateralInstrument 61-101 - Protection of Minority Security Holders in SpecialTransactions (“ MI 61-101 ”). TheCompany intends to rely on the exemption from the formal valuationrequirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(a)of MI 61-101 and the exemption from the minority approval requirementsof Section 5.6 of MI 61-101 pursuant to Subsection 5.7(1)(a) of MI61-101.
The securities issued pursuant to the first tranche ofthe Private Placement are subject to a statutory hold period of four(4) months plus one (1) day hold that expires on July 22, 2023respectively.
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 of conveying information aboutcurrent expectations and plans relating to the future, includingexpectations regarding the Company's ability to meet its outstandingobligations, and readers are cautioned that such statements may not beappropriate for other purposes. By its nature, this information issubject to inherent risks and uncertainties that may be general orspecific and which give rise to the possibility that expectations,forecasts, predictions, projections or conclusions may not prove to beaccurate, that assumptions may not be correct and that objectives,strategic goals and priorities may not be achieved. These risks anduncertainties include but are not limited to those identified andreported in the Company’s public filings under the Company’s SEDARprofile at www.sedar.com. The Company's ability to meet itsoutstanding obligations could differ materially from those currentlyanticipated due to factors such as: the performance of facilities andpipelines, commodity prices, price volatility, price differentials andthe actual prices received for the Company’s products, royaltyregimes and exchange rates, the availability of capital, labour andservices, the creditworthiness of industry partners, G2’s ability toacquire additional assets, unexpected increases in operating costs, and risks associated withpotential future lawsuits and regulatory actions made against theCompany including but not limited to being found in default of theCompany's obligations to Cloudbreak. Although the Company hasattempted to identify important factors that could cause actualactions, events or results to differ materially from those describedin forward-looking information, there may be other factors that causeactions, events or results not to be as anticipated, estimated orintended. There can be no assurance that such information will proveto be accurate as actual results and future events could differmaterially.
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