G2 Energy Corp (CSE:GTOO, OTC:GTGEF) has closed the first tranche of its non-brokered private placement.
The junior oil and gas producer issued 1,200,000 units at $0.05 each for gross proceeds of $60,000, as well as issuing an aggregate of 7,178,000 units at a deemed price of $0.05 each to certain creditors to settle an aggregate of $358,900 in bona fide debt of the company. Each unit consists of one common share and one common share purchase warrant.
The company has allocated the proceeds from the first tranche for general working capital for business and corporate matters.