G2 Energy Announces Closing of First Tranche of Non-Brokered Private Placement
Vancouver, British Columbia – July 12, 2023. G2 Energy Corp. (CSE:GTOO, FWB:UD9) (the "Company" or "G2") announces today, that further to its news release dated June 14, 2023 and June 23, 2023, the Company has closed the first tranche of its non-brokered private placement by issuing 3,976,000 units (the “Units”) in the capital of the Company at a price of $0.05 per Unit to raise gross proceeds of CAD$198,800.00 (the “Tranche 1 Offering”). Each Unit consists of one (1) common share in the capital of the Company and one (1) common share purchase warrant (the “Warrant”).
Each Warrant will be exercisable by the warrant holder to acquire one (1) additional common share at a price of CAD$0.08 for a period of twenty-four (24) months from the closing of the Private Placement (“Closing Date”), subject to an acceleration clause whereby if the closing price of the Company’s common shares is greater than $0.12 for a period of 10 consecutive trading days on the stock Canadian Securities Exchange (subject to adjustment for subdivisions, consolidations, and similar events), then the Company may, in its sole discretion, elect to provide written notice (the “Acceleration Notice”) to the Holder of the Warrants that the Warrants will expire at 5:00 p.m.(Vancouver time) on the date that is 60 days from the date of the Acceleration Notice (the “Accelerated Expiry Time”). In such instances, all Warrants that are not exercised prior to the Accelerated Expiry Time will expire at the Accelerated Expiry Time.
Proceeds from the Financing are intended to be used in connection with potential new acquisitions, as well as for general working capital.
The Company may elect to close the Financing in one or more tranches. It is anticipated that insiders of the Company may participate in the Financing. Participation of insiders of the Company in the Financing will constitute a related party transaction as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company intends to rely on the exemption from the formal valuation requirements 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 requirements of Section 5.6 of MI 61-101 pursuant to Subsection 5.7(1)(a) of MI 61-101.
The securities issued pursuant to the Tranche 1 Offering are subject to a statutory hold period of four (4) month plus one (1) day hold that expires on November 12, 2023, respectively. No finder’s fees were paid in connection with the Tranche 1 Offering.
On Behalf of the Board,
“Slawek Smulewicz” Slawek Smulewicz
For further information, please contact:
John Costigan VP Corporate Development
O: +1 604 620 8589
About G2 Energy Corp.
G2 is a junior oil and gas producer listed on the CSE exchange. It's primary focus is to acquire and develop additional overlooked, low risk, high return opportunities in the oil and gas sector. G2's strategy is to obtain a portfolio of risk-managed production and development opportunities onshore, U.S.A. In May 2022, G2 acquired the Masten Unit in the Permian Basin, Texas. The Masten Unit is the Company's first producing asset. G2 is targeting top tier projects with operating netbacks and infrastructure facilities which will fast track overall oil and gas production growth.