Gen III Oil Corporation (“Gen III” or the “Company“) (TSX VENTURE:GIII) (FRA:PN41) is pleased to announce that it has completed the shares for debt transaction announced on March 13, 2018, after receiving approval of the TSX Venture Exchange.
Pursuant to the shares for debt transaction, the Company issued 172,852 common shares (the” Shares“) at a deemed price of $0.70 per Share, to settle total indebtedness of $120,998.09. In accordance with applicable securities law, the Shares issued in this transaction are subject to a four month hold period expiring on September 2, 2018.
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.
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 4 patents granted in North America and has several 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 Q1 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.