(TheNewswire)
Vancouver, British Columbia - TheNewswire - July 4, 2023 - G2 Energy Corp. (CSE:GTOO ) ( FWB:UD9) (the " Company " or " G2 ") announces today pursuant to its newsrelease dated June 23, 2023, it has issued an aggregate amount of7,496,045 units (the “ DebtSettlement Units ) at a deemed price of $0.05 perDebt Settlement Unit to satisfy an aggregate amount of $374,802.25 ofbona fide debt to certain creditors (the “ Creditors ”) of theCompany (the “ DebtSettlements ”).
Each Debt Settlement Unit is comprised of one commonshare (each, a “ DebtSettlement Unit Share ”) and onecommon share purchase warrant (each, a " Debt Settlement Warrant "),whereby each Debt Settlement Warrant entitles the holder to purchaseone additional share in the capital of the Company (the“ Shares ”) for a period of twenty-four (24) months from closing atan exercise price of $0.08 per Share, subject toan acceleration clause whereby if the closing price of the Company’scommon shares is greater than $0.12 for a period of 10 consecutivetrading days on the stock Canadian Securities Exchange (subject toadjustment for subdivisions, consolidations, and similar events), thenthe Company may, in its sole discretion, elect to provide writtennotice (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
As Creditors to the Debt Settlements, John Costigan,Markus Mair, David Whitby, Slawomir Smulewicz and Gabriel Queiroz wereissued either directly or indirectly and aggregate of 4,468,447 Unitsto settle an aggregate amount of approximately $223,422 in bona fidedebt of the Issuer. Participation of insiders ofthe Company in the Debt Settlements will constitute a related partytransaction as defined under Multilateral Instrument 61-101 - Protection of MinoritySecurity Holders in Special Transactions (“ MI 61-101 ”). The Company intends to rely on the exemption from theformal valuation requirements of Section 5.4 of MI 61-101 pursuant toSubsection 5.5(a) of MI 61-101 and the exemption from the minorityapproval requirements of Section 5.6 of MI 61-101 pursuant toSubsection 5.7(1)(a) of MI 61-101.
The securities issued pursuant to the first tranche ofthe Private Placement are subject to a statutory hold period of four(4) months plus one (1) day hold that expires on October 31, 2023respectively.
On Behalf of the Board,
“ SlawekSmulewicz ”
Slawek Smulewicz
CEO
For further information, please contact
John Costigan
VP Corporate Development
O: +1 604 620 8589
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 informationcan generally be identified by the use of forwarding-looking wordingsuch as “may”, “expect”, “estimate”, “anticipate”,“intend”, “believe” and “continue” or the negative thereofor similar variations. Since forward-looking statements address futureevents and conditions, by their very nature, they involve inherentrisks and uncertainties. The Company provides forward-lookingstatements for the purpose of conveying information about currentexpectations and plans relating to the future, including expectationsregarding the Company's ability to meet its outstanding obligations,and readers are cautioned that such statements may not be appropriatefor other purposes. By its nature, this information is subject toinherent risks and uncertainties that may be general or specific andwhich give rise to the possibility that expectations, forecasts,predictions, projections or conclusions may not prove to be accurate,that assumptions may not be correct and that objectives, strategicgoals 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.
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