(TheNewswire)
September 8, 2021 - TheNewswire - Vancouver, BC - G2 TechnologiesCorp. (C NSX :GTOO. CN) ( OTC:GTGEF ) ( FWB:1NZ.F) (the “ Company ” or “ G2 ”) announcestoday, that further to its news released dated August 25, 2021, it hasclosed the first tranche of a non-brokeredprivate placement financing issuing an aggregate total of 6,370,000Units (each, a “ Unit ”) at a price of $0.10 per Unit fortotal gross proceeds of $637,000 (the “ Private Placement ”).
Each Unit consisted of one (1) common share in thecapital of the Company (the “ Common Shares ”) and one (1) transferrable common share purchase warrant(each, a “ Warrant ”).
Each Warrant entitles the holder thereof to purchaseone share (each, a “ WarrantShare ”) at a price of $0.15 per Warrant Shareuntil 5.00p.m. (Vancouver time) on or before September 7, 2023,subject to certain acceleration provisions.
Proceeds from the Private Placement are intended to beused in connection with the acquisition of certain operated producingoil properties in the Serbin Field in Texas as well as for generalworking capital.
The Company paid cash finder’s fees in the amount of$36,880.00 to certain eligible finders in connection with applicablesecurities laws and Exchange policies in connection with this PrivatePlacement.
As a subscriber to the Private Placement, SlawomirSmulewicz, a director and officer of G2, acquired indirectly, throughBlue Amber Enterprise Ltd. 250,000 Units. As a subscriber to thePrivate Placement, John Costigan, a director of G2, acquiredindirectly, through Costigan Capital Corp. 500,000 Units. As asubscriber to the Private Placement, Kai Hensler, a director of G2,acquired directly 100,000 Units. The participation by an insider inthe Private Placement is considered to be a “related partytransaction” as defined under Multilateral Instrument 61-10 (“MI61-101”). The transaction is exempt from the formal valuation andminority shareholder approval requirements of MI 61-101, as neitherthe fair market value of the securities being issued nor theconsideration being paid exceeds 25% of G2’s marketcapitalization.
The securities issued pursuant to the Private Placementand the Debt Settlements are subject to a statutory holder period offour (4) months plus one (1) day that expires on January 8,2022.
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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