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VANCOUVER, British Columbia, March 13, 2018 (GLOBE NEWSWIRE) — Gen III Oil Corporation (“Gen III” or the “Corporation”) (TSX-V:GIII) is pleased to announce the promotion of Mr. Gordon Driedger, P.Eng, to the role of President and COO.
Mr. Driedger brings significant EPC project delivery experience to the Corporation, and he will be instrumental in moving forward the design completion and construction phases of Gen III’s first Group III base oil re-refinery in Bowden, Alberta. Mr. Driedger is an award winning professional engineer with 35 years’ experience in design, management and construction of a diverse spectrum of industrial, institutional and civil projects. His extensive EPC experience also covers project risks and management, project governance/best practices and ethical tendering. He has successfully completed over 70 major capital projects nationally and internationally utilizing a wide variety of delivery and funding models for both the private and public sector. Mr. George Davidson will continue working with the Corporation as Executive Vice-President and Advisor to the Board of Directors.
Greg Clarkes, Gen III’s CEO, stated, “We are very fortunate that someone with Gord’s credentials and experience has agreed to take on the hands-on leadership role of President as the company moves into this major phase of its development. We are also grateful for the work and dedication that George has brought to Gen III for the past two years and look forward to his continuing participation with the company in his new role.”
Gen III also announces proposed shares-for-debt settlement transactions (the “Debt Settlement”) in which Gen III would issue up to 172,852 common shares in the capital of the Corporation (the “Common Shares”) at a deemed price of $0.70 per Common Share to the directors of the Corporation (the “Directors”) in connection with the settlement of an aggregate of $120,998.09 of debt owed to such Directors relating to director’s fees.
Gen III also announces that it has granted an aggregate of 1,200,000 stock options (“Options”) to directors, officers, employees and consultants of Gen III. The Options were granted in accordance with the Corporation’s stock option plan (the “Plan”). Each Option will entitle the holder to purchase one Common Share at a price of $0.70 per Common Share and will vest on the earlier of: (a) a “Change of Control” (as such term is defined in the Plan) of the Corporation; or (b) the “Commercial Operations Date” (as such term is defined in the Purchase and Sale Agreement between Gen III and Elbow River Marketing Ltd. dated September 12, 2017) of the Corporation’s re-refinery plant being constructed in Bowden, Alberta.
The Debt Settlement is considered a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). The Debt Settlement will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the Common Shares to be issued to the Directors, nor the fair market value of the services provided by such persons, exceeds 25% of the Corporation’s market capitalization. The Debt Settlement is subject to the approval of the TSX Venture Exchange.
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. The Corporation’s patented ReGenTM technology process combines proven refining technologies into a proprietary process that is able to extract a higher quantity of high quality base lubricating oils than traditional re-refineries, including greater than 50% Group III production of synthetic grade motor oil in a commercial scale re-refining operation. The Corporation currently holds 4 patents granted in North America and has several patent applications, patents pending or under review in strategic countries around the world. The Corporation’s first full-scale facility is currently under development in Bowden, Alberta, 100km north of Calgary, with targeted production commencing in Q1 of 2019. With a fully executed off-take marketing agreement in hand with Elbow River Marketing Ltd., a subsidiary of Parkland Fuel Corporation, the Corporation has in place agreements for the sale of all of 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 Corporation, 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
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 approval of the TSX Venture Exchange with respect to the Debt Settlement and the occurrence of the Commercial Operations Date. The Corporation 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.