(TheNewswire)
March 10, 2022 - Vancouver, BC – TheNewswire - G2 Technologies Corp. (CSE:GTOO ) , ( OTC:GTGEF ) ,FWB:1NZ.F) (the “ Company ” or “ G2 ”) is pleased to announce a non-brokered private placementfinancing of up to 10,000,000 units of the Company (the“ Units ”) at a price of CAD$0.20 per Unit for aggregate grossproceeds of up to CAD$2,000,000 (the “ Offering ”) whichmay be increased if the Offering is over-subscribed.
Each Unit will consist of one (1) common share in thecapital of the Company and one half (1/2) common share purchasewarrant (the “ Warrant ”).
Each whole Warrant will be exercisable by the warrantholder to acquire one (1) additional common share at a price ofCAD$0.30 for a period of eighteen (18) months from the closing of thePrivate Placement (the “ Closing Date ”)provided that, if the closing price of the common shares is greaterthan CAD$0.50 for ten (10) consecutive trading days, the Warrants willexpire thirty (30) days after the date on which the Company providesnotice of such fact to the holders thereof.
As per the news release on December 24, 2021, theCompany is currently in the process of acquiring certain operatedproducing oil properties in Texas.
The proceeds from the Offering will be used by theCompany primarily for working capital and may also be used to fund aportion of the purchase price of the acquisition of the oilproperties, if necessary. The Offering is expected to close on orabout March 28, 2022.
In consideration of the introduction to the Company ofinvestors in the Offering, finder's fee may be paid in cash or insecurities of the Company in accordance with applicable securities laws and CSE policies .
The completion of the Offering will be subject toreceipt of and all necessary regulatory approvals, including, ifrequired, conditional approval by the Exchange.
Participation of insiders of the Company in theOffering will constitute a related party transaction as defined underMultilateral Instrument 61-101 - Protection of Minority Security Holders inSpecial Transactions (“ 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 in connection with the Offeringwill be subject to a four-month hold period under applicable Canadiansecurities laws commencing on the Closing Date of the Offering.
On Behalf of the Board,
“ SlawekSmulewicz ”
Slawek Smulewicz
Chief Executive Officer and Director
O: +1 778 7754985
E: slawek@g2technologies.biz
W : WWW.G2.ENERGY
About G2Technologies Corp.
G2 Technologies Corp. is focused on developing opportunities in the energy sector.G2’s head office is located in Vancouver, Canada.
The Canadian Securities Exchange hasneither approved nor disapproved the information contained herein.
Forward-LookingStatements Caution . Statements in this press releaseregarding the Company which are not historical facts are“forward-looking statements” that involve risks and uncertainties,such as the completion of the proposed acquisition. 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 such as the risk that the closing of theacquisition may not occur for any reason. The Company provides forward-lookingstatements for the purpose of conveying information about currentexpectations and plans relating to the future 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. Forward-looking statements in this news release include thestatements that list out the terms of the proposed acquisition. Actual results could differmaterially from those currently anticipated due to factors such as:(i) the decision to not close the acquisition for any reason,including adverse due diligence results or CSE refusal of theacquisition; or (ii) adverse market conditions. 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 from thoseanticipated in such statements. The Company disclaims any intention orobligation to update or revise any forward-looking information,whether as a result of new information, future events or otherwiseunless required by law.
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