Gen III Provides Corporate Funding Update
VANCOUVER, British Columbia, Jan. 12, 2021 (GLOBE NEWSWIRE) — Gen III Oil Corporation (“Gen III” or the “Company”) (TSX-V: GIII) (OTCQX: ISRJF) is pleased to announce it has closed a non-brokered private placement of 5,714,284 shares (the “Shares”) at a price of CDN$0.35 per Share for gross proceeds of approximately CDN$2,000,000 (the “Offering”). The subscribers were introduced to Gen III by its non-exclusive financial advisor, Blue Deer Capital. Gen III intends to use the net proceeds of the Offering for project engineering, working capital and general corporate purposes.
In connection with the Offering, the Company paid aggregate finders’ fees of $31,410.86 for subscriptions processed through Canaccord Genuity, Cormark Securities, Raymond James, PI Financial and another registered finder.The Shares issued under the Offering are subject to a statutory hold period expiring four months and one day from the date of issuance of such securities.This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.In addition, 5,031,250 ($0.30) warrants that expired on December 30, 2020 were exercised, resulting in gross proceeds of $1,509,375 to the Company. An additional 173,156 ($0.15) broker warrants due to expire on May 29, 2021 have also been exercised, resulting in gross proceeds of $25,973.40 to Gen III. Project level financing talks are continuing with private equity and debt firms; impact investment firms and traditional banking groups for both the USGC and Alberta facilities.In our ongoing effort to secure additional non-dilutive financing, Gen III submitted an expression of interest to Emissions Reduction Alberta’s Shovel-Ready Challenge: https://eralberta.ca/apply-for-funding/shovel-ready-challenge/. While there is no guarantee of an award, Gen III knows its re-refinery project will create high paying construction, fabrication and operations jobs while reducing CO2e emissions in Alberta.About Gen IIIGen III is a cleantech company that is building sustainable green projects with compelling economics, without relying on government subsidies. Gen III owns a portfolio of patented technologies that enable used motor oil (“UMO”) re-refineries to produce a higher value product mix of base oils than traditional methods, including 55% Group III. For more information about the Company, please visit www.geniiiesg.com.On Behalf of the Board of Gen III Oil Corporation“Greg Clarkes”
Chief Executive OfficerFor further information, contact Mark Redcliffe at (778) 668-5988Neither 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.Certain information contained in this news release constitutes “forward-looking information” or “forward-looking statements” (collectively, “forward-looking information”). Without limiting the foregoing, such forward-looking information includes statements regarding the use of proceeds of the Offering, the term extension for the September Warrants and any statements regarding the Company’s business plans, expectations and objectives. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” and similar words and the negative form thereof are used to identify forward-looking information. Forward looking information should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking information is based on information available at the time and/or the Company management’s good faith belief with respect to future events and is subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company’s control. For additional information with respect to these and other factors and assumptions underlying the forward-looking information made in this news release, see the Company’s most recent Management’s Discussion and Analysis and financial statements and other documents filed by the Company with the Canadian securities commissions and the discussion of risk factors set out therein. Such documents are available at www.sedar.com under the Company’s profile and on the Company’s website, https://www.geniiiesg.com/. The forward-looking information set forth herein reflects the Company’s expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.