G2 Energy Corp (CSE:GTOO, OTC:GTGEF) told investors it raised a total of C$102,500 through the issue of new units and shares in the second tranche of a non-brokered private placement.
The company issued 1.3 million units at C$0.05 each for gross proceeds of C$65,000 and 750,000 common shares at C$0.05, raising C$37,500. Each unit consists of one common share and a common share purchase warrant, with each warrant exercisable to acquire an additional share for C$0.08 for two years from the closing date, subject to an acceleration clause.
G2 said it paid finder’s fees of $2,000 in cash and issued 40,000 finder’s warrants.
It intends to use the proceeds for potential new acquisitions, as well as for general working capital.
G2 Energy is a junior oil and gas producer focused on acquiring and developing additional overlooked, low-risk, high-return opportunities in the oil and gas sector.
Contact the author at stephen.gunnion@proactiveinvestors.com