(TheNewswire)
August 24, 2021 – TheNewswire - Vancouver, BC - G2 Technologies Corp. (CSE:GTOO ) , (CNSX:GTOO.CN), ( OTC:GTGEF ) , ( FWB:1NZ.F) (the “ Company ” or “ G2 ”) announces it has completed the necessary due diligence and onAugust 23, 2021 the Company signed a Purchase and Sales Agreement(the ” PSA ”) with TriVista Oil Co. LLC (“ TRI”) a corporationbased in Texas to acquire certain operated producing properties in theSerbin Field in Texas (the ” Property ”).
The PSA requires G2 to pay a non-refundable 5% deposit($400.000.00 USD) on or about September 7th, 2021 to secure thetransaction. The closing date of the transaction is scheduled to be onor about October 22nd, 2021. The final terms of this PSA require anadditional cash payment of $7.6 Million USD upon closing.
G2 is planning to finance the acquisition through acombination of a debt and equity to be determined in conjunction withits advisors. Furthermore, G2 is contemplating the payment of afinder’s fee in shares or cash.
This transaction, as defined by the CSE Policy 8, willqualify as a Change of Business (” COB ”). Finalapproval of this COB remains subject to a number of conditions whichthe company has acknowledged. Under the policies of the CSE thistransaction constitutes a Fundamental COB and is subject to a completereview. This disclosure requires the market regulator to halt tradingin the securities of G2 in order to complete the dissemination, reviewand acceptance of all required documentation as required by Sections1.6 and 1.7. In essence, the Company is required to refile and reissueall documents affected by the change of business.
The Chief ExecutiveOfficer of G2, Slawek Smulewicz, explained,“ This is the definitivestep of our transition to becoming an oil and gas producing company.This transaction and the accompanying revenues that accrue areexpected to be transformative to G2 as it will build a strong base forfuture acquisitions and a provide significant rerating of ourvaluation in the marketplace. We believe this strategy will maximizelong term shareholder value by delivering the revenue generatingproperties G2 has currently targeted in the oil and gassector ”.
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 industrial opportunities. G2’s head office islocated 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 thatexpectations, forecasts, predictions, projections or conclusions maynot prove to be accurate, that assumptions may not be correct and thatobjectives, strategic goals and priorities may not be achieved. Theserisks and uncertainties include but are not limited those identifiedand reported in the Company’s public filings under the Company’sSEDAR profile 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.
Copyright (c) 2021 TheNewswire - All rights reserved.