August 25, 2021 - TheNewswire - Vancouver, BC - G2 Technologies Corp. GTOO, GTGEF, GTOO, (FWB:1NZ.F) (the "Company" or "G2") announces today a non-brokered private placement financing of up to 8,000,000 units of the Company (the "Units") at a price of $0.10 per Unit for aggregate gross proceeds of up to CAD$800,000 (the "Financing").
Each Unit will consist 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$0.15 for a period of twenty-four (24) months (the "Expiry Date") from the closing of the Private Placement ("Closing Date") provided that, if the closing price of the common shares is greater than CAD$0.20 for ten (10) consecutive trading days, the Warrants will expire thirty (30) days after the date on which the Company provides notice of such fact to the holders thereof.
Proceeds from the Financing are intended to be used in connection with the acquisition of certain operated producing oil properties in the Serbin Field in Texas as announced in the August 24, 2021 news release, 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 issuance of securities 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
Chief Executive Officer and Director
O: +1 778 775 4985
About G2 Technologies Corp.
G2 Technologies Corp. is focused on developing opportunities in clean tech and emerging technologies. G2's head office is located in Vancouver, Canada.
The Canadian Securities Exchange has neither approved nor disapproved the information contained herein.
Forward-Looking Statements Caution. This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to, the Company's ability to complete the Financing, to raise sufficient capital in order to close the acquisition announced in the Company's news release dated August 24, 2021 and other risks and uncertainties identified and reported in the Company's public filings under the Company's SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
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