G2 PROVIDES AN UPDATE ON THE 5 FOR 1 SHARE CONSOLIDATION
Vancouver, British Columbia – June 8, 2023. G2 Energy Corp. (CSE:GTOO, FWB:UD9) (the "Company" or "G2") announces that further to its news release dated May 31, 2023 regarding the consolidation of its commons shares (the “Common Shares”) on the basis of five (5) pre consolidated shares into one (1) post consolidated common share (the “Share Consolidation”), the effective date for the Share Consolidation will be June 9, 2023 ad the record date for the Share Consolidation will be June 12, 2023.
Effective June 9, 2023, the Company will commence trading on the Canadian Securities Exchange on a consolidated basis and the new CUSIP and ISIN number will be 40054T206 and 40054T2065 respectively.
The Share Consolidation will result in the number of issued and outstanding Common Shares being reduced from the current issued and outstanding of 91,697,885 Common Shares to 18,339,543 Common Shares. The Company also has outstanding warrants to purchase 74,984,150 Common Shares reserved for issuance, equal to 14,996,830 Common Shares on a post consolidated basis. In addition, the Company also has The Company also has outstanding incentive stock options to purchase 2,650,000 Common Shares reserved for issuance, equal to 530,000 Common Shares on a post consolidated basis.
No fractional shares will be issued as a result of the Share Consolidation. Any fractional shares resulting from the Share Consolidation will be rounded down to the next whole Common Shares, and no cash consideration will be paid in respect of fractional shares.
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.