G2.energy Closes the Second and Final Oversubscribed Tranche of Non-brokered Private Placement
(Vancouver, BC): G2 Technologies Corp. (CSE:GTOO, OTCQB:GTGEF, FWB:1NZ.F) (the "Company" or "G2") announces today, that further to its news releases dated August 25, 2021 and September 8, 2021, it has closed the second and final tranche of a non-brokered private placement financing issuing an aggregate total of 5,619,950 Units (each, a "Unit") at a price of $0.10 per Unit for total gross proceeds of $561,995 (the "Private Placement").
The Company paid cash finder's fees in the amount of $35,213.40 to certain eligible finders in connection with applicable securities laws and Exchange policies in connection with this Private Placement.
Each Unit consisted of one (1) common share in the capital of the Company (the "Common Shares") and one (1) transferrable common share purchase warrant (each, a "Warrant").
Each Warrant entitles the holder thereof to purchase one share (each, a "Warrant Share") at a price of $0.15 per Warrant Share until 5.00 p.m. (Vancouver time) on or before October 4, 2023, subject to certain acceleration provisions.
Together with the closing of the first tranche of the Private Placement on September 8, 2021, the total amount raised under the Private Placement is $1,198,995.00 and a total amount of finder's fees paid was $62,093.40. The Company raised $398,995.00 more than its anticipated announcement of $800,000.00
Proceeds from the Private Placement are intended to be used in connection with the acquisition of certain operated producing oil properties in the Serbin Field in Texas as well as for general working capital.
As a subscriber to the Private Placement, John Costigan, a director and officer of G2, acquired indirectly, through 360,000 Units. The participation by an insider in the Private Placement is considered to be a "related party transaction" as defined under Multilateral Instrument 61-10 ("MI 61-101"). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the securities being issued nor the consideration being paid exceeds 25% of G2's market capitalization.
The securities issued pursuant to the Private Placement and the Debt Settlements are subject to a statutory holder period of four (4) months plus one (1) day that expires on February 5, 2022.
On Behalf of the Board,
Chief Executive Officer and Director
O: +1 778 775 4985
G2 Technologies Corp. is focused on developing opportunities in energy and emerging technologies. G2's head office is located in Vancouver, Canada.
G2 Technologies Corp.
+1 778 775 4985
1105-808 Nelson St