Tickers: PINX:GTGEF, XCNQ:GTBE
Tags: Oil & Gas
Vancouver, British Columbia / TheNewswire / March 9, 2018 - Green 2 Blue Energy Corp. (CSE:GTBE, FWB:1NZ.F) ("G2BE" or the "Company") announces it has closed a non-brokered private placement financing of units (the "Units") for gross proceeds of $1,638,750 (the "Offering").
Pursuant to the Offering, the Company issued 6,555,000 Units at a price of $0.25 per Unit. Each Unit consisted of one common share in the capital of the Company (a "Share") and one common share purchase warrant (a "Warrant"), whereby each Warrant entitles the holder thereof to purchase one additional Share (a "Warrant Share") at a price of $0.35 per Warrant Share for a period of 24 months from the date of issuance.
In connection with the Offering, the Company paid cash finders' fees of $83,900 and issued 335,600 finders' warrants (the "Finders Warrants"). Each Finder's Warrant entitles the holder thereof to purchase one additional Share (a "Finder's Share") at a price of $0.35 per Finder's Share until March 9, 2020.
The securities issued pursuant to the Offering - including the Shares and Warrants underlying the Units, the Warrant Shares underlying the Warrants, and the Finders' Shares underlying the Finders' Warrants - will be subject to a statutory hold period expiring July 10, 2018.
The net proceeds received from the Private Placement will be used for working capital and general corporate purposes.
G2BE is a renewable energy company focused on residential and commercial wood pellet production and the implementation of biomass gasification technology to generate combined heat and power. G2BE's wood pellets are sold to retail outlets and power producers throughout Europe, including the United Kingdom, Germany, Poland, Italy and Denmark.
On Behalf of the Board of Directors
"Slawek Smulewicz"
Slawek Smulewicz
Chief Executive Officer and Director
For more information, please contact:
Glenn Little
Director, Corporate Communications
Telephone: (604) 539-5023
The Canadian Securities Exchange has neither approved nor disapproved the information contained herein.
This news release contains "forward-looking information" within the meaning of applicable securities laws. The Company has provided the forward-looking information, including, without limitation, statements relating to the use of proceeds of the Offering, in reliance on assumptions that it believes are reasonable at this time. Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, changes in general economic, market, or business conditions, and those risks set out in the Company's public documents filed on SEDAR. The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake to update any forward-looking statements or forward-looking information that is incorporated by reference herein, except as required by applicable securities laws.
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