FOR IMMEDIATE RELEASE…Vancouver, British Columbia: Green 2 Blue Energy Corp. (“G2BE” or the “Company”), announces that on November 24, 2017, the Company closed a non-brokered private placement financing of 1,025,000 units (the “Units”) at a price of $0.10 per Unit for gross proceeds of $102,500 (the “Financing”). The Company also announces it has granted incentive stock options (“Stock Options”) to certain directors, officers and consultants of the Company and extended the expiry date of certain common share purchase warrants issued in December 2016 (the “2016 Warrants”).
Each Unit issued under the Financing is comprised of one common share in the capital of G2BE and one transferable common share purchase warrant. Each warrant entitles the holder thereof to acquire one common share of the Company at a price of $0.10 per share for a period of 12 months from the closing of the Financing and thereafter at the price of $0.20 per share until the expiry of the period ended 24 months from the closing of the Financing. All securities issued pursuant to the Financing are subject to a hold period of four months and one day in Canada from the closing of the Financing.
The Company intends to use the proceeds of the Financing to fund its wood pellet operations in Poland and its application to list its common shares (the “Shares”) on the Canadian Securities Exchange (the “CSE”).
Pursuant to its incentive stock option plan, the Company has granted an aggregate of 2,550,000 Stock Options to certain directors, officers and consultants of the Company. The Stock Options are exercisable for Shares on or before November 24, 2022 at an exercise price of $0.10 per Share.
The board of directors of the Company have approved the extension of the expiry date of the 2,238,400 2016 Warrants issued by the Company pursuant to a non-brokered private placement financing completed on December 12, 2016. The expiry date of the 2016 Warrants has been extended from December 12, 2018 to December 12, 2019. Each 2016 Warrant is now exercisable for one Share at an exercise price of $0.10 per Share until December 12, 2018 and thereafter at an exercise price of $0.20 per Share until December 12, 2019.