(TheNewswire)
Vancouver, BC - TheNewswire- May 5, 2023 - G2 Energy Corp. (CSE:GTOO ) ( FKN:UD9) (the “ Company ” or“ G2 ”) announces today that it will nolonger be proceeding with the Listed Issuer Financing ExemptionOffering (the “ LIFEOffering ”) as previously announced on April13, 2023.
“ We havedetermined it is appropriate to cancel the LIFE Offering at this time,and we expect to provide an update on the Company’s strategicinitiatives in the near future ”, stated SlawekSmulewicz, Executive Chairman and CEO of G2.
The Company is continuing to raise capital through unitfinancing (“ Financing ”) with the price protectionapproved by the Canadian Securities Exchange at $0.02 consisting ofone (1) common share and one (1) common share purchase warrantexercisable at $0.05 for a period of thirty-six (36) months fromclosing.
The proceeds from the Financing will be used by theCompany primarily to add additional production, estimated to be 120boed on the Masten Unit. The program includes returning 2 wells toproduction, workover on 4 wells, and basic maintenance. Proceeds willalso be used to retire debt, legal costs, and G&A.
In consideration of the introduction to the Company ofinvestors in the Financing, finder's fee may be paid in cash or insecurities of the Company in accordance with applicable securitieslaws and CSE Policies.
The completion of the Financing will be subject toreceipt of and all necessary regulatory approvals, including, ifrequired, conditional approval by the CSE. The Financing is expectedto close on or about June 15, 2023. The securities issued inconnection with the Offering will be subject to a four-month holdperiod under applicable Canadian securities laws commencing on theClosing Date of the Financing.
Participation of insiders of the Company in theFinancing, to the extent permitted, will constitute a related partytransaction as defined under Multilateral Instrument 61-101 -Protection of Minority Security Holders in Special Transactions (“MI61-101”). 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 Company also announces today that it has beengranted an extension by the Registrar of Companies in which to hold its Annual General Meeting(" AGM ") under section 182(4) of the Business Corporations Act. The six months extension is from June 14, 2023, to December14, 2023. The Company will schedule its AGM accordingly pursuant tothe extension granted.
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 junior oil and gas producer listedon the CSE exchange. It's primary focus is to acquire and developadditional overlooked, low risk, high return opportunities in the oiland gas sector. 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. G2is targeting top tier projects with operating netbacks andinfrastructure facilities which will fast track overall oil and gasproduction 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. 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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