Vancouver, BC – TheNewswire – December 6, 2021 – G2 Technologies Corp. (CSE:GTOO) (OTCQB:GTGEF) (FWB:1NZ.F) (the “Company” or “G2“) announces today it signed a binding letter of intent (“LOI“) dated December 3rd with a group of private arm’s length sellers from Texas (the “Sellers“), to acquire 100% interest of thirty(30) operated producing oil wells located in Cochran County, Texas (the “Property“).
The basic terms of the LOI contemplate that G2 will pay a cash consideration of US$4,000,000 and issue US$200,000 worth of G2’s common shares, 90 days after closing, subject to regulatory approval.
G2 and the Sellers are negotiating the final terms of the definitive agreement (the “Definitive Agreement“) with respect to the acquisition and G2 anticipates the Definitive Agreement to be signed in the coming days.
The Chief Executive Officer of G2, Slawek Smulewicz, explained, “We are very pleased to settle on a group of mature oil assets with existing infrastructure that can provide stable cash flow and provide accretive value for our shareholders and stakeholders. This acquisition will well position G2 to take advantage of a recovering oil and gas sector.”
On Behalf of the Board,
Chief Executive Officer and Director
O: +1 778 775 4985
W : WWW.G2.ENERGY
About G2 Technologies Corp.
G2 Technologies Corp. is focused on developing opportunities in the energy sector. G2’s head office is located in Vancouver, Canada.
Forward-Looking Statements Caution. Statements in this press release regarding the Company which are not historical facts are “forward-looking statements” that involve risks and uncertainties, such as the completion of the proposed acquisition. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties such as the risk that the closing of the acquisition may not occur for any reason. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions may not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities may not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. Forward-looking statements in this news release include the statements that list out the terms of the proposed acquisition. Actual results could differ materially from those currently anticipated due to factors such as: (i) the decision to not close the acquisition for any reason, including adverse due diligence results or CSE refusal of the acquisition; or (ii) adverse market conditions. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. 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 unless required by law.
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