G2 Energy Corp (CSE:GTOO, OTC:GTGEF) said that, further to its news release dated September 20, 2022, it has closed the first and second and final tranche of an oversubscribed non-brokered private placement financing.
G2 Energy said the proceeds from the private placement are intended to be used in connection with the potential new acquisitions, as well as for general working capital.
The company said it issued an aggregate total of 700,000 units at a price of $0.10 each for total gross proceeds of $70,000 in the first tranche and 5,725,000 units also at a price of $0.10 each for total gross process of $572,500.00 in the second and final tranche.
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Each unit consisted of one common share in the capital of the company and one half transferrable common share purchase warrant. Each whole warrant entitles the holder to purchase one share at a price of $0.20 per warrant share until 5.00pm Vancouver time on or before October 14, 2024, under the first tranche closing and October 20, 2024, under the second tranche closing.
As a subscriber to the private placement, Slawomir Smulewicz, a director and officer of G2, acquired indirectly, through Blue Amber Enterprise Ltd. 1,000,000 units. As a subscriber to the private placement, John Costigan, a director and officer of G2, acquired indirectly, 105,000 units.
The securities issued under the first and second and final tranche of the private placement are subject to a statutory hold period of four months plus one day that expire on February 15, 2023, and February 21, 2023, respectively.
G2 Energy Corp 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 USA. In the near term, G2 is pursuing production acquisition opportunities with top-tier operating netbacks and infrastructure facilities to fast-track future production growth.
Contact the author at jon.hopkins@proactiveinvestors.com