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  • Writer's pictureG2 Energy

G2 Energy closes $516,736 first tranche of financing

Mr. Slawek Smulewicz reports


G2 Energy Corp. has closed the first tranche of a non-brokered private placement issuing 25,836,000 units at a price of two cents per unit to investors for gross proceeds of $516,736 ($206,080 in cash and settled $310,656 in debt to certain creditors). The company also issued 2.34 million shares in the capital of the company at a deemed price of five cents to settle $117,000 in debt.

Each unit consists of one common share and one common share purchase warrant, whereby each warrant entitles the holder to purchase one additional share in the capital of the company for a period of 36 months from closing at an exercise price of five cents per share.

Proceeds from the gross proceeds are intended to be used in connection with further settlement of debt, including debenture holder Cloudbreak Discovery PLC, and working capital purposes.

As a subscriber to the private placement, Slawomir Smulewicz, a director and officer of G2, acquired indirectly, through Blue Amber Enterprise Ltd., 7.82 million units. Participation of insiders of the company in the offering will constitute a related-party transaction as defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. 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 first tranche of the private placement are subject to a statutory hold period of four months plus one day that expires on July 22, 2023.

About G2 Energy Corp.

G2 is a junior oil and gas producer listed on the Canadian Securities Exchange. Its 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, United States. 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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