Gen III - Closes Private Placement and Applies to Extend Warrants

Not for distribution to United States newswire services or for dissemination in the United States.

VANCOUVER, British Columbia, Sept. 17, 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 of 2,540,000 units (the "Units") at a price of CDN$0.20 per Unit for gross proceeds of CDN$508,000 (the "Offering"). Each Unit consists of one common share in the capital of the Company (a “Share”) and one-half of one non-transferable common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each whole Warrant is exercisable to acquire one Share at an exercise price of CDN$0.30 per Share until September 17, 2021 which is 12 months from the date of issuance.

Insiders of the Company acquired an aggregate of 250,000 Units in the Offering, which participation constituted a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the Units acquired by the insiders, nor the consideration for the Units paid by such insiders, exceed 25% of the Company's market capitalization. As required by MI 61-101, the Company advises that it expects to file a material change report relating to the Offering less than 21 days before completion of the Offering, which is necessary to complete the Offering in an expeditious manner and is reasonable in the circumstances. GEN III intends to use the net proceeds of the Offering for project engineering, working capital and general corporate purposes.

The Company will pay aggregate finder’s fees of CDN$3,000 in connection with subscriptions from subscribers introduced to the Offering by Canaccord Genuity Corp.

The securities issued under the Offering, and any Shares that may be issuable on exercise of any such securities, will be subject to a statutory hold period expiring four months and one day from the date of issuance of such securities.  This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.