G2 Energy Corp (CSE:GTOO, OTC:GTGEF) chief executive Slawek Smulewicz told investors the company is in a better position to continue working on its corporate objectives for fiscal year 2024 and into 2025 after amending its debenture facility with Cloudbreak Discovery.
The new debenture terms see maturity move to May 2025, with an option to extend further to May 2026.
Cloudbreak, meanwhile, opted to convert US$60,000 of interest under the debenture into two million equity units at CAD$0.03 per unit – with each unit comprising one share and one share warrant.
The amendments are part of a broader agreement with Cloudbreak.
At the same time, G2 has secured an additional loan of US$250,000 from Clarmond Wealth Limited, with the borrowing expected to enhance oil and gas production on the Masten Property in Texas.
Smulewicz, in a statement, said: “The combination of the loan and the restructuring of the convertible debenture with Cloudbreak, will provide the company with increased financial flexibility and allows G2 to focus on increasing its production on the Masten Unit while at the same time building a solid and consistent production profile.
“G2 continues to build on these relationships in order to further advance its business opportunities with partners.”