(TheNewswire)
July 21, 2021 – TheNewswire- Vancouver, BC - G2 Technologies Corp. (CSE:GTOO ) , (CNSX:GTOO.CN), ( OTC:GTGEF ) , ( FWB:1NZ.F) (the “ Company ” or “ G2 ”) announcestoday that it has signed a binding Letter of Intent (the” LOI ”) dated July 19, 2021 with an arm’s length LLC based inTexas (“ OpCo ”) whereby G2 proposes to acquirecertain operated producing properties in the Serbin Field in Texas(the ” Property ”).
This basic terms of the LOI contemplate that G2 willmake a cash payment of $8.0 Million USD to OpCo at closing in order toacquire the Property. G2 and OpCo are negotiating the terms of adefinitive purchase and sale agreement (“ PSA ”) with respectto the acquisition. G2 has 10 business days from the execution of thePSA to pay OpCo a non-refundable 5% deposit ($400,000 USD).
The acquisition is expected to constitute a Change ofBusiness (” COB ”) for G2 pursuant to Policy 8 of the Canadian SecuritiesExchange (“ CSE ”). Final approval of the COB remains subject to a numberof conditions, including but not limited to the execution of the PSA,receipt of shareholder approval or shareholder consent and receipt ofCSE approval.
Trading of G2’s common shares will be halted upon theannouncement of the PSA. The proposed acquisition and theCompany’s intended business following the acquisition will be fullydescribed in a CSE Form 2A Listing Statement. Following CSE reviewof the disclosure and receipt of conditional listing approval from theCSE, the Company will seek either shareholder approval or shareholderconsent to close the acquisition.
G2 is planning to finance the acquisition through acombination of a debt and equity to be determined in conjunction withits advisors. Furthermore, G2 may pay a finder’s fee in shares orcash in accordance with the policies of the CSE.
Slawek Smulewicz, the Chief Executive Officer of G2commented “We are very pleased to have finally settled on a group ofmature oil assets with existing infrastructure that can provide stablecash flow and provide accretive value for our shareholders andstakeholders. The new team of financial advisors and highly skilledoperators that we have assembled will be keys to capitalizing on thisopportunity. This acquisition is truly transformational for G2Technologies as we are well positioned to take advantage of arecovering oil and gas sector.”
On Behalf of the Board,
“ SlawekSmulewicz ”
Slawek Smulewicz
Chief Executive Officer and Director
O: +1 778 7754985
W: WWW.G2.ENERGY
About G2Technologies Corp.
G2 Technologies Corp. isfocused on developing opportunities in energy sector. G2’s headoffice 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-looking statements for the purposeof conveying information about current expectations and plans relatingto the future and readers are cautioned that such statements may notbe appropriate 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 may not prove to beaccurate, that assumptions may not be correct and that objectives,strategic goals and priorities may not be achieved. These risks anduncertainties include but are not limited those identified andreported in the Company’s public filings under the Company’s SEDARprofile at www.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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