(TheNewswire)
Vancouver, British Columbia – TheNewswire - July 12, 2023 - G2 Energy Corp. (CSE:GTOO ) , ( FWB:UD9) ( the " Company " or" G2 ") announcestoday, that further to its news release dated June 14, 2023 and June23, 2023, the Company has closed the first tranche of its non-brokeredprivate placement by issuing 3,976,000 units (the “ Units ”) in thecapital of the Company at a price of $0.05 per Unit to raise grossproceeds of CAD$198,800.00 (the “ Tranche 1 Offering ”). Each Unit consists of one (1) common share in thecapital of the Company and one (1) common share purchase warrant (the“ Warrant ”).
Each Warrant will be exercisable by the warrant holderto acquire one (1) additional common share at a price of CAD$0.08 fora period of twenty-four (24) months from the closing of the PrivatePlacement (“ ClosingDate ”), subject to an acceleration clausewhereby if the closing price of the Company’s common shares isgreater than $0.12 for a period of 10 consecutive trading days on thestock Canadian Securities Exchange (subject to adjustment forsubdivisions, consolidations, and similar events), then the Companymay, in its sole discretion, elect to provide written notice (the“ AccelerationNotice ”) to the Holder of the Warrants thatthe Warrants will expire at 5:00 p.m.(Vancouver time) on the date thatis 60 days from the date of the Acceleration Notice (the“ Accelerated ExpiryTime ”). In such instances, all Warrants thatare not exercised prior to the Accelerated Expiry Time will expire atthe Accelerated Expiry Time.
Proceeds from the Financing are intended to be used inconnection with potential new acquisitions, as well as for generalworking capital.
The Company may elect to close the Financing in one ormore tranches. It is anticipated that insiders of the Company mayparticipate in the Financing. Participation of insiders of the Companyin the Financing will constitute a related party transaction asdefined under Multilateral Instrument 61-101 - Protection of MinoritySecurity Holders in Special Transactions (“ 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 Tranche 1Offering are subject to a statutory hold period of four (4) month plusone (1) day hold that expires on November 12, 2023, respectively. Nofinder’s fees were paid in connection with the Tranche 1Offering.
On Behalf of the Board,
“ SlawekSmulewicz ”
Slawek Smulewicz
CEO
For further information, please contact:
John Costigan
VP Corporate Development
O: +1 604 6208589
E: jcostigan@g2.energy
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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