(TheNewswire)
Vancouver, B.C. - TheNewswire- January 3, 2023 - G2 Energy Corp. (CSE:GTOO ) , ( FKN:UD9) (the “ Company ” or “ G2 ”) announces today it intends to reprice6,500,000 outstanding common share purchase warrants (the“ Warrants ”) originally issued by the Company on May 31, 2022. Thewarrants were issued as part of a secured debenture financing providedby Cloudbreak Discovery PLC (“Cloudbreak”). Each Warrant entitlesthe holder thereof to purchase one common share (the “ Common Share ”) inthe capital of the Company at a price of $0.30 until May 31, 2024subject to an acceleration clause whereby i f theclosing price of the Company’s common shares is greater than $0.60for a period of 10 consecutive trading days on the stock CanadianSecurities Exchange, then the Company may, in its sole discretion,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 instance, all Warrants that are not exercisedprior to the Accelerated Expiry Time will expire at the AcceleratedExpiry Time.
The Company intends to amend the Warrant exercise priceto $0.10 per Warrant. The acceleration provisions common shares pricewill be amended to $0.30. The expiry date of the Warrants will remainthe same. No insiders of the Company hold any of the Warrantsdescribed above that are being amended. The amendments describedabove will become effective on November 7, 2022. No action will berequired on the part of the holders of the Warrants to give effect tothe amendment.
The Warrants and the underlying Common Shares have notbeen and will not be registered under the United States Securities Actof 1933, as amended (the " U.S. Securities Act "), or any state securities laws and may not be offeredor sold within the United States or to, or for the account or benefitof, a U.S. person (as defined in Regulation S under the U.S.Securities Act) unless registered under the U.S. Securities Act andapplicable state securities laws, or an exemption from suchregistration is available. This press release does not constitute anoffer to sell or a solicitation of an offer to buy any of thesecurities referred to herein.
In addition, the Company intends to extend the expiry date of 16,803,000 common share purchasewarrants (the " Warrants ") of the Companyoriginally issued on February 3, 2021 pursuant to a private placementof units of the Company. Each Warrant is exercisable onto one (1)common share of the Company at a price of $0.15 per share and is setto expire two (2) years from its date of issuance. The Company isproposing to extend the expiry date of the Warrants to February 3,2025 for a total term of four (4) years. All other terms of theWarrants, including their exercise price, will remain the same. Theproposed extension of the Warrants is conditional upon CanadianSecurities Exchange approval.
On Behalf of the Board,
“ SlawekSmulewicz ”
Slawek Smulewicz, CEO
For further information, please contact:
John Costigan, VP CorporateDevelopment
O: +1 778 775 4985, C: +1 604 620 8689
E: info@g2.energy , W: WWW.G2.ENERGY
About G2 EnergyCorp.
G2 Energy Corp. is a profitable junior oil and gasproducer listed on the CSE exchange. It's primary focus is to acquireand develop additional overlooked, low risk, high return opportunitiesin the oil and gas sector. G2's strategy is to obtain a portfolio ofrisk-managed production and development opportunities onshore, U.S.A.In May 2022, G2 acquired the Masten Unit in the Permian Basin, Texas.The Masten Unit is the Company's first producing asset. G2 istargeting top tier projects with operating netbacks and infrastructurefacilities which will fast track overall oil and gas productiongrowth.
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. The Company providesforward-looking statements for the purpose of conveying informationabout current expectations and plans relating to the future,including expectations forthe effects of the change of business of G2 to oil andgas, and readers arecautioned that such statements may not be appropriate for otherpurposes. By its nature, this information is subject to inherent risksand uncertainties that may be general or specific and which give riseto the possibility that expectations, forecasts, predictions,projections or conclusions may not prove to be accurate, thatassumptions may not be correct and that objectives, strategic goalsand priorities may not be achieved. These risks and uncertaintiesinclude but are not limited those identified and reported in theCompany’s public filings under the Company’s SEDAR profile atwww.sedar.com. Statementsrelating to “reserves” are also deemed to be forward-lookingstatements, as they involve the implied assessment, based on certainestimates and assumptions, that the reserves described exist in thequantities predicted or estimated and that the reserves can beprofitably produced in the future. Actual results could differ materiallyfrom those currently anticipated due to factors such as: the performance of wells, the availabilityand performance of facilities and pipelines, the geologicalcharacteristics of G2's properties, prevailing weather and break-upconditions, commodity prices, price volatility, price differentialsand the actual prices received for the Company’s products, royaltyregimes and exchange rates, the application of regulatory andlicensing requirements, the availability of capital, labour andservices, the creditworthiness of industry partners, and G2’sability to acquire additional assets. 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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