G2 Energy Corp (CSE:GTOO, OTC:GTGEF), the junior oil and gas producer, has announced a private placing to raise up to C$1.5 million gross to be used mainly for working capital and to fund potentially part of the acquisition costs of certain oil properties, if necessary.
The placing sees the oil company issue up to 30 million units at C$0.05 each, with each unit comprising one company share and one warrant.
Each warrant will be exercisable by the holder to acquire an additional share for C$0.08 for 12 months from closing.
READ: G2 Energy sees October oil and gas output hit six-month high
The offering, which may be increased if it is over-subscribed, is expected to close on or around January 30, 2023.
G2 Energy is focused on acquiring and developing overlooked, low-risk, high-return opportunities in the oil and gas sector.
The company is seeking to acquire a portfolio of risk-managed production and development opportunities onshore, in the US.
In May last year, the firm acquired the Masten Unit in the Permian Basin, Texas - its 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.
Contact the writer at giles@proactiveinvestors.com