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VANCOUVER, British Columbia, May 29, 2020 (GLOBE NEWSWIRE) -- Gen III Oil Corporation (“Gen III” or the “Company”) (TSX-V: GIII) (OTCQX: ISRJF) is pleased to announce that it has completed a non-brokered private placement (the “Offering”). In connection with the closing of the Offering, the Company issued an aggregate of 2,773,659 common shares in the capital of the Company (the “Shares”) at a price of CDN$0.15 per Share for aggregate gross proceeds of CDN$416,048.85.
GEN III intends to use the net proceeds of the Offering for working capital and general corporate purposes.
In connection with the Offering, the Company paid a cash commission totalling CDN$26,873.42 and issued 173,156 Share purchase warrants (the “Finder’s Warrants”) in connection with subscriptions from subscribers introduced to the Offering by Fieldhouse Capital Management Inc. and an order processed by another institution. Each Finder’s Warrant entitles the holder thereof to acquire one Share at an exercise price of CDN$0.15 per Share until May 29, 2021.
All securities issued in connection with the Offering are subject to a statutory hold period expiring four months and one day from the date of issuance.
Furthermore, Gen III wishes to announce it successfully applied to the National Research Council of Canada’s Industrial Research Assistance Program (“NRC IRAP”) in late April 2019. The funding provides a non-dilutive payroll subsidy meant to assist innovative, early-stage small and medium sized enterprises that were unable to access existing COVID-19 business support. The Company will receive up to $71,148, payable in two tranches during June 2020. We are grateful to the support shown by the Government of Canada and the NRC.
About Gen III Oil Corporation
Gen III is first and foremost a cleantech company, that is building a green project that has compelling economics, without 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. The Company currently holds 8 patents issued in North America, 2 patents issued overseas and has 7 patent applications, patents pending or under review in strategic countries/regions around the world. The Company’s first full-scale facility is currently under development in Alberta, with targeted production commencing 18 months after the requisite financing is obtained (the “Project”). With a fully executed off-take marketing agreement in hand with Elbow River Marketing Ltd., a subsidiary of Parkland Fuel Corporation, the Company has in place agreements for the sale of all its finished products when commercial production begins at its Bowden facility. The Bowden facility is being designed to process 2,800 bpd of used motor oil into a range of base stocks and related petroleum products. For more information about the Company, please visit www.geniiioil.com.
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.
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 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.geniiioil.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.