Not for distribution to United States newswire services or for dissemination in the United States.
VANCOUVER, British Columbia, Oct. 31, 2018 — Gen III Oil Corp. (“Gen III” or the “Company”) (TSX-V: GIII) (OTCQX: ISRJF) is pleased to provide the following details regarding the previously referenced non-brokered private placement on September 20, 2018:
In an effort to maintain FEED momentum and site demolition timelines, Gen III’s board decided to initiate a non-brokered private placement at $0.40 per unit for gross proceeds of up to $3,000,000 (the “Offering”).
Each unit consists of one common share and one-half (1/2) of one common share purchase warrant.
Each whole warrant will be exercisable at a price of $0.70 per share for a period of one year from closing, subject to acceleration if the common shares trade at or greater than $1.00 per share for a period of five (5) consecutive trading days after the date that is four months from closing.
The closing of the Offering is expected to occur in tranches and a finder’s fee may be payable at the discretion of the Company. The closing of the Offering 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.
Company Executive Vice President, Corporate Finance Mark Redcliffe stated, “We are extremely pleased with the early interest shown in the private placement by our stakeholders and we appreciate their support which ensures we maintain project momentum.”
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. The Company’s patented ReGenTM technology process combines proven refining technologies into a proprietary process that is able to extract a higher quantity of high quality base lubricating oils than traditional re-refineries, including greater than 50% Group III production of synthetic grade motor oil in a commercial scale re-refining operation. The Company currently holds 5 patents issued in North America, 2 patents issued overseas and has 9 patent applications, patents pending or under review in strategic countries around the world. The Company’s first full-scale facility is currently under development in Bowden, Alberta, 100km north of Calgary, with targeted production commencing in late Q2 of 2019 (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 of 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.
To see our TSX Venture 50® video, click here
On Behalf of the Board of Gen III Oil Corporation
“Greg Clarkes” Greg Clarkes 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 set forth in this news release may contain forward-looking statements that involve financial projections, substantial known and unknown risks and uncertainties, certain of which are beyond the control of the Company. Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These include, but are not limited to, the statements regarding the quantity and quality of the re-refined products that might be produced; the cost of construction of the first ReGen™ re-refinery; raising sufficient capital to support the construction of the Project; the estimated operating costs for the Project; the market for the finished products; negotiating off-take agreements for those finished products; and the anticipated annual recurring revenue and EBITDA derived from those operations. Actual results may differ materially from the forward-looking information contained herein. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update forward-looking statements, except as required by applicable law. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.