(TheNewswire)
August 25, 2021 - TheNewswire - Vancouver, BC- G2 Technologies Corp. (CSE:GTOO ) , ( OTC:GTGEF ) , (CNSX:GTOO.CN), ( FWB:1NZ.F) (the “ Company ” or“ G2 ”) announces today a non-brokeredprivate placement financing of up to 8,000,000 units of the Company (the " Units ") at a priceof $0.10 per Unit for aggregate gross proceeds of up to CAD$800,000(the " Financing ").
Each Unit will consist of one (1) common share in thecapital of the Company 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$0.15 fora period of twenty-four (24) months (the “ ExpiryDate ”) from the closing of the PrivatePlacement (“ Closing Date ”) provided that,if the closing price of the common shares is greater than CAD$0.20 forten (10) consecutive trading days, the Warrants will expire thirty(30) days after the date on which the Company provides notice of suchfact to the holders thereof.
Proceeds from the Financing are intended to be used inconnection with the acquisition of certain operated producing oilproperties in the Serbin Field in Texas as announced in the August 24,2021 news release, as well as for general working capital.
The Company may elect to close the Financing in one ormore tranches. It is anticipated that insidersof the Company may participate in the Financing . Participation of insidersof the Company in the Financing 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 issuance of securities connection with thisFinancing will be subject to Canadian Securities Exchange(“ CSE ”) approval and the securities will be subject to astatutory hold period of four-months plus one day from the date ofissuance in accordance with applicable Canadian securities laws. TheCompany may elect to pay a finder’s fee to eligible finders inconnection with applicable securities laws and CSE policies inconnection with this Financing.
On Behalf of the Board,
“ SlawekSmulewicz ”
Slawek Smulewicz
Chief Executive Officer and Director
O: +1 778 7754985
About G2Technologies Corp.
G2 Technologies Corp. is focused on developingopportunities in clean tech and emerging technologies. G2’s headoffice is located in Vancouver, Canada.
The Canadian Securities Exchange hasneither approved nor disapproved the information contained herein.
Forward-Looking StatementsCaution . This news releaseincludes forward-looking statements that are subject to risks anduncertainties. All statements within, other than statements ofhistorical fact, are to be considered forward-looking. The Companyprovides forward-looking statements for the purpose of conveyinginformation about current expectations and plans relating to thefuture and readers are cautioned that such statements may not beappropriate for other purposes. By its nature, this information issubject to inherent risks and uncertainties that may be general orspecific and which give rise to the possibility that expectations,forecasts, predictions, projections or conclusions will not prove tobe accurate, that assumptions may not be correct and that objectives,strategic goals and priorities will not be achieved. These risks anduncertainties include but are not limited to, the Company’s abilityto complete the Financing, to raise sufficient capital in order toclose the acquisition announced in the Company’s news release datedAugust 24, 2021 and other risks and uncertainties identified andreported in the Company’s public filings under the Company’s SEDARprofile at www.sedar.com. 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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