G2 Goldfields Announces Upsize of Fully Subscribed Private Placement Financing to $14.4 Million

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TORONTO, June 29, 2022 (GLOBE NEWSWIRE) -- G2 Goldfields Inc. (“G2” or the “Company”) (TSXV:GTWO; OTCQX:GUYGF) announces that it has increased the size of its previously announced private placement from $10,200,000 to $14,400,000 due to strong demand from institutional shareholders. The other terms of the offering remain unchanged (see press release dated June 22, 2022). G2 now proposes to complete a non-brokered private placement (the “Offering”) of 24,000,000 common shares of the Company (the “Shares”) at a price of $0.60 per Share, for gross proceeds of $14,400,000.

The proceeds from the Offering will be used to advance exploration activities at the Company’s 19,200-acre OKO project, Guyana and for general corporate purposes. The Offering is expected to close in July 2022 and is conditional on the satisfaction of customary conditions, including approval of the TSX Venture Exchange (the “TSXV”). The securities issued pursuant to the Offering will be subject to a four-month hold period.

The Company has agreed to pay registered representatives that arrange for purchasers in the Offering a cash commission equal to 6% of the gross proceeds of amounts raised by such registered representatives and a number of broker warrants equal to a maximum of 6% of the number of Shares sold by such registered representatives. Each broker warrant will entitle the holder thereof to purchase one Share at a price of $0.70 per share until the close of business on the date which is 12 months from the close date of the Offering.

Insiders of the Company may subscribe for up to $1,500,000 of the Offering. Patrick Sheridan, G2’s Executive Chairman, has committed to subscribing for 1,700,000 Shares ($1,020,000). Mr. Sheridan stated, “we are delighted to announce this financing, backed primarily by five major institutional investors, which will allow the Company to expand and expedite the current exploration program. The Company will be mobilizing two additional diamond drill rigs to the property to complement the three rigs currently operating. Additional resources will also be committed to the greenfields exploration program currently in progress at the 19,200-acre Oko Project.”