(TheNewswire)
Vancouver, British Columbia - TheNewswire - August 4, 2023- G2 Energy Corp. (CSE:GTOO ) ( FWB:UD9) ( the " Company " or" G2 ") announcestoday, that further to its news releases dated June 14, 2023, June 23,2023, and July 12, 2023, the Company has issued1,300,000 units (the “ Units ”) at a price of $0.05 per Unit toinvestors for gross proceeds of $65,000.00 and 750,000 common sharesin the capital of the Company (the “ Shares ”) at adeemed price of $0.05 per Share to certain creditors to settle anaggregate of $37,500.00 in bona fide debt of the Company (the“ Tranche 2Closing ”). Each Unitconsists of one (1) common share in the capital of the Company and one(1) common share purchase warrant (the “ Warrant ”).
Each Warrant is exercisable by the warrant holder toacquire one (1) additional common share at a price of CAD$0.08 for aperiod of twenty-four (24) months from the closing of the Tranche 2Closing, subject to an acceleration clause whereby if the closingprice of the Company’s common shares is greater than $0.12 for aperiod of 10 consecutive trading days on the stock Canadian SecuritiesExchange (subject to adjustment for subdivisions, consolidations, andsimilar events), then the Company may, in its sole discretion, electto provide written notice (the “ Acceleration Notice ”) to the Holder of the Warrants that the Warrants willexpire at 5:00 p.m.(Vancouver time) on the date that is 60 days fromthe date of the Acceleration Notice (the “ Accelerated Expiry Time ”). In such instances, all Warrants that are not exercisedprior to the Accelerated Expiry Time will expire at the AcceleratedExpiry Time.
The securities issued pursuant to the Tranche 2Offering are subject to a statutory hold period of four (4) month plusone (1) day hold that expires on December 2, 2023, respectively.
In connection with the Tranche 2 Closing, the Companypaid finder’s fees in the aggregate of $2,000.00 in cash and issued40,000 finder’s warrants (each, a “ Finder’s Warrant ”). Each Finder’s Warrant isexercisable by the warrant holder to acquire one (1) additional commonshare at a price of CAD$0.08 for a period of twenty-four (24) monthsfrom the closing of the Tranche 2 Closing and is subject to the sameacceleration clause as the Warrants issued.
Proceeds from the Financing are intended to be used inconnection with potential new acquisitions, as well as for generalworking capital.
The Company’s financing (the “ Financing ”) remainsopen at this time as it has received anextension from the Canadian Securities Exchange upon which the finalclosing of the Financing has been extended until October 9,2023.
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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