VANCOUVER, British Columbia, Nov. 01, 2019 (GLOBE NEWSWIRE) — Gen III Oil Corporation (“Gen III” or the “Company”) (TSX-V: GIII) (OTCQX: ISRJF) announced today that it has applied to the TSX Venture Exchange (the “TSXV”) to extend the expiry dates of 2,202,125 outstanding share purchase warrants (the “Warrants”) issued on November 16, 2018 and December 5, 2018, in connection with a non-brokered private placement (for further details on the private placement see Gen III news releases dated November 16, 2018 and December 5, 2018), by one year.
The Company is proposing to extend the expiry date for Warrants issued on November 16, 2018 to expire on November 16, 2020 and for Warrants issued on December 5, 2018 to expire on December 5, 2020. The exercise price and all other terms and conditions of the Warrants will remain unchanged. The proposed extension of the expiration date of the Warrants is subject to final approval by the TSXV.
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 Bowden, Alberta, 100km north of Calgary, 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