G2 Energy Corp (CSE:GTOO, OTC:GTGEF) has revealed its plans to seek approval from the Canadian Securities Exchange (CSE) for a consolidation of its common shares.
The proposed consolidation, approved by the company's board of directors, aims to merge every five pre-consolidated common shares into one post-consolidated common share, resulting in a significant reduction in the total number of outstanding common shares.
With the consolidation, G2 Energy expects to have approximately 18,339,577 common shares compared to the current 91,697,885 shares.
In a statement, G2 said its board believes that this consolidation will enhance its operational flexibility and growth prospects, including potential financing options.
The record date for the consolidation is scheduled for June 12, 2023, and the effective date, along with the new CUSIP and ISIN numbers, will be disclosed in a subsequent news release, pending regulatory approval.
Share consolidations often enhance shareholder value and improve liquidity, making it easier for investors to buy and sell shares. It does not change the company’s underlying value or operations.
In May 2022, G2 acquired its first producing asset, the Masten Unit in the Permian Basin, Texas. G2 is targeting top tier projects with operating netbacks and infrastructure facilities, which will fast track overall oil and gas production growth.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas