(TheNewswire)
Vancouver, British Columbia – TheNewswire - April 3, 2024 – G2 Energy Corp. (CSE:GTOO, FWB:UD9) ( the " Company " or " G2 ") announces today that pursuant to its news releases datedNovember 2, 2023, December 18, 2023,December 21, 2023, January 5,2024, and March 22, 2024 it has closed the second and final tranche ofthe non-brokered private placement.
The Company has issued 84,000 common shares (the“ Common Shares ”) in the capital of the Company at a deemed price of $0.05per Common Share to a creditor to settle $4,200.00 in debt.
The Company has also issued an aggregate of 6,175,900units (“ Units ”) in the capital of the Company at a deemed price of $0.05per Unit to certain creditors to settle an aggregate of $308,795 indebt of the Company (the “ Second and Final Tranche Closing ”). EachUnit consists of one (1) common share in the capital of the Companyand 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 Second andFinal Tranche Closing, subject to an acceleration clause whereby ifthe closing price of the Company’s common shares is greater than$0.12 for a period of 10 consecutive trading days on the stockCanadian Securities Exchange (subject to adjustment for subdivisions,consolidations, and similar events), then the Company may, in its solediscretion, elect to 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.
As a creditor to the Second and Final Tranche Closingof the private placement, Slawomir Smulewicz, a director and officerof the Company, acquired indirectly, 1,600,000 Units. As a creditorto the Private Placement, Markus Mair, a director of the Company,acquired indirectly, 600,000 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 Second and FinalTranche Closing of the private placement are subject to a statutoryhold period of four (4) months plus one (1) day hold that expires onJuly 4, 2024.
On Behalf of the Board,
“ SlawekSmulewicz ”
Slawek Smulewicz
Chairman, CEO
For further information, please contact:
Slawek Smulewicz
T: +1 604 7655684
E: slawek@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.sedarplus.ca. The Company's abilityto meet 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 orClarmond. Although the Company has attempted to identify importantfactors that could cause actual actions, events or results to differmaterially from those described in forward-looking information, theremay be other factors that cause actions, events or results not to beas anticipated, 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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