Gen III Oil Corp Announces Brokered Private Placement
Not for distribution to United States newswire services or for dissemination in the United States.
July 26, 2017 (Vancouver, British Columbia): Gen III Oil Corporation (“Gen III” or the “Company”) (TSX-V: GIII) is pleased to announce that it has appointed Canaccord Genuity Corp. (the “Agent”) to sell, by way of a private placement on a “commercially reasonable efforts” basis, units (the “Units”) of the Company at a price of $0.70 (the “Issue Price”) per Unit for gross proceeds of up to $5,005,000 (the “Offering”).
The Offering will consist of up to 7,150,000 Units, where each Unit shall consist of one common share (a “Common Share”) and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant”). Each Warrant will entitle the holder to purchase one Common Share for a period of 24 months from the closing date of the Offering at an exercise price of $1.00 per Common Share.
The Agent has been granted the option (the “Agent’s Option”) to sell up to an additional 1,072,500 Units at the Issue Price pursuant to the Offering, which Agent’s Option is exercisable in whole or in part at any time up to 48 hours prior to the closing of the Offering.
The net proceeds of the Offering will be used for continued engineering and project development activities on the Company’s Bowden project, working capital and general corporate purposes.
The closing of the Offering is expected to occur on or about August 18, 2017, and is subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued pursuant to the Offering will be subject to a four month hold period in accordance with applicable Canadian securities laws.
This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The securities will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.
About Gen III Oil Corporation
Gen III Oil Corporation is an innovative oil processing company with the most advanced re-refining technology in the industry, which will produce large quantities of Group III and Group II+ base oils. Gen III is developing their first full-scale facility in Bowden, Alberta with scheduled production beginning in Q4 of 2018.
On Behalf of the Board of Gen III Oil Corporation
Chief Executive Officer
For further information contact Greg Clarkes at (604) 806-5275
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.