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September 27, 2017

Gen III Oil Corporation Closes Brokered Private Placement Raising Gross Proceeds of C$6.3 Million

VANCOUVER, BRITISH COLUMBIA–(Marketwired – Sept. 27, 2017) –


Gen III Oil Corporation (“Gen III” or the “Company“) (TSX VENTURE:GIII) iis pleased to announce that it has closed its previously announced brokered private placement of units (the”Units“) led by Canaccord Genuity Corp (the “Agent“). The Company issued an aggregate of 9,051,357 Units at a price of $0.70 per Unit (the “Issue Price“). for aggregate gross proceeds of $6,335,950 (the “Offering“). Each Unit consists of one common share (a “Common Share“) and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant“). Each Warrant entitles the holder to purchase one Common Share for a period of 24 months from the date hereof at an exercise price of $1.00 per Common Share.

In connection with the Offering, Gen III entered into an agency agreement with the Agent dated effective September 27, 2017. At closing, the Company paid to the Agent an aggregate of approximately $383,000 cash, representing a portion of the Agent’s commission and all of the Agent’s related expenses (including legal fees). The Agent elected to receive the Agent’s corporate finance fee and the balance of the Agent’s commission in Units, and at closing the Company issued to the Agent 446,128 Units at the Issue Price in connection therewith. In addition, the Agent also subscribed for 322,211 Units at the Issue Price under the Offering.

The Company also issued to the Agent 633,595 broker warrants of the Company (“Broker Warrants“).Each Broker Warrant entitles the Agent to purchase one Unit for a period of 24 months after the date hereof at the Issue Price.

The net proceeds of the Offering will be used for continued engineering and project development activities on the Company’s Bowden project, working capital and general corporate purposes.
The closing of the Offering is subject to the receipt of all necessary regulatory approvals, including the final approval of the TSX Venture Exchange. All securities issued pursuant to the Offering will be subject to a four month hold period in accordance with applicable Canadian securities laws.

This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The securities will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.

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, which will produce large quantities of Group III and Group II+ base oils. Gen III is developing their first full-scale facility in Bowden, Alberta with scheduled production beginning in Q4 of 2018.

On Behalf of the Board of Gen III Oil Corporation

Greg Clarkes, Chief Executive Officer

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.

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of Gen III Oil Corporation. Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Forward-looking statements include, but are not limited to, the anticipated timing for closing of the Offering and the anticipated use of proceeds of the Offering. The Company assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Gen III Oil Corporation
Greg Clarkes
Chief Executive Officer
(604) 806-5275