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  • Writer's pictureG2 Energy

G2 Energy Announces Debt Settlement Transaction and Amendments to Previously Announced Non-Brokered

Vancouver, British Columbia – June 23, 2023. G2 Energy Corp. (CSE:GTOO, FWB:UD9) (the "Company" or "G2") announces today, that further to its news release dated June 14, 2023, the Company intends to settle debt by issuing up to 7,500,000 units (the “Units”) in the capital of the Company at a price of $0.05 per Unit to settle bona fide debt of up to CAD$375,000.00 (the “Debt Settlements”). 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.

In addition, further to the Company’s news release dated June 14, 2023, the Company is amending the terms of the previously announced financing of up to 14,000,000 Units at a price of $0.05 per Unit for aggregate gross proceeds of up to CAD$700,000 (the “Financing”) whereby the Company will reduce the number of Units to up to 12,000,000 Units. Each Unit consists of one (1) common share in the capital of the Company and one (1) common share purchase Warrant.

Each Warrant has the same terms as outlined above, including the acceleration provisions.

Proceeds from the Financing are intended to be used in connection with optimizing production from current producing and idle wells on the Masten leases, potential new acquisitions, as well as for general working capital.

Base production will be enhanced through a series of wellbore cleanouts and hot oil treatments designed to remove scale and paraffin. In conjunction with the wellbore cleanouts, workovers designed to return idle Masten Unit wells to production will be undertaken in the immediate future. These programs include tubing repairs, lift optimization and the recompletion of several new productive oil and gas zones located higher up in the wellbore.

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 issuance of securities in connection with this Financing will be subject to Canadian Securities Exchange (“CSE”) approval and the securities will be subject to a statutory hold period of four months plus one day from the date of issuance in accordance with applicable Canadian securities laws. The Company may elect to pay a finder’s fee to eligible finders in connection with applicable securities laws and CSE policies in connection with this Financing.

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.

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