(TheNewswire)
Vancouver, British Columbia – TheNewswire - December 18, 2023. G2 Energy Corp. (CSE:GTOO ) ( FWB:UD9) ( the " Company " or " G2 ") announces it has received an extensionfrom the Canadian Securities Exchange in which to close the previouslyannounced non-brokered private placement (the “ Offering “) until February 1, 2023 February 1, 2023 in order tocontinue raising funds for the Company. The Offering was firstannounced November 2, 2023. The Offering consists of up to 10,000,000 units of the Company (the" Units ") at a price of $0.05 per Unit for aggregate grossproceeds of up to CAD$500,000 (the " Financing ").Each Unit consists of one (1) common share in the capital of theCompany 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 optimizing production from current producing and idlewells on the Masten leases, potential new acquisitions, as well as forgeneral working capital.
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 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.
Copyright (c) 2023 TheNewswire - All rights reserved.