(TheNewswire)
Vancouver, British Columbia - TheNewswire - October 2,2023 - G2 EnergyCorp. (CSE:GTOO ) ( FWB:UD9) (the"Company" or "G2") announcedtoday, that it has received the Canadian Securities Exchange approvalto extend its non-brokered private placement financing previouslyannounced on June 14, 2023 until October 30, 2023 whereby it intendsto issue up to 12,000,000 units of the Company (the “Units”) at aprice of $0.05 per Unit for aggregate grossproceeds of up to CAD$600,000 (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.
The Company has closed two tranches of the Financingwhereby issuing an aggregate total of 6,026,000 Units to date.
On Behalf of the Board,
“SlawekSmulewicz”
Slawek Smulewicz
CEO
For further information, please contact:
John Costigan
VP Corporate Development
O: +1 604 620 8589
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. These risks and uncertaintiesinclude but are not limited to those identified and reported in theCompany’s public filings under the Company’s SEDAR profile atwww.sedar.com. The Company's ability to meet its outstandingobligations could differ materially from those currently anticipateddue to factors such as: the performance of facilities and pipelines,commodity prices, price volatility, price differentials and the actualprices received for the Company’s products, royalty regimes andexchange rates, the availability of capital, labour and services, thecreditworthiness of industry partners, G2’s ability to acquireadditional assets, unexpectedincreases in operating costs, and risks associated with potentialfuture lawsuits and regulatory actions made against the Companyincluding but not limited to being found in default of the Company'sobligations to Cloudbreak. Although the Company has attempted toidentify important factors that could cause actual actions, events orresults to differ materially from those described in forward-lookinginformation, there may be other factors that cause actions, events orresults not to be as anticipated, estimated or intended. There can beno assurance that such information will prove to be accurate as actualresults and future events could differ materially.
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