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Gen III Oil Corp. – Corporate Update
VANCOUVER, British Columbia, April 05, 2019 (GLOBE NEWSWIRE) -- Gen III Oil Corp. ("Gen III" or the "Company") (TSX-V:GIII) (OTCQX:ISRJF) announces the
About this update from G-iii Apparel Group, Ltd.
[{"type":"text","content":"VANCOUVER, British Columbia, April 05, 2019 (GLOBE NEWSWIRE) -- Gen III Oil Corp. (\"Gen III\" or the \"Company\") (TSX-V:GIII) (OTCQX:ISRJF) announces the following updates:Project Level FinancingManagement and the Board of Directors decided in early 2018 that one of the goals of the Bowden project financing was to minimize dilution to shareholders of the public Company. This goal remains true today. We are actively working with private equity, family offices, investment dealers and strategic partners to finance the Project at the Gen III Alberta level.Earlier this week, Gen III signed a non-exclusive advisory agreement with New York based StormHarbour Securities LP, to assist with corporate and institutional investors.Various parties are continuing to conduct their due diligence and Export Development Canada re-iterated its support for our project in early April.PatentsTwo U.S. patents were granted in February and March, 2019. This brings the Company's total number of patents granted or awarded to nine (9), with an additional nine (9) pending.Environmental PermittingApplication was made to Alberta Environmental and Parks (\"AEP\") for an Environmental and Enhancement Act Industrial Approval for the Bowden Facility in July, 2018. A handful of comments were received from AEP and the Company's response submission is nearing completion.Project CommissioningThe targeted commissioning of the Bowden project is fifteen (15) months from initiation of on-site work, based on the construction schedule provided by PCL.Future Facilities, Joint Ventures and Licensing of IPThe Company is actively engaged in discussions with parties in the USA for additional re-refining projects.Marketing MaterialsAfter several months in development, the Company has completed the first phase of updating the Investor Presentation and corporate website. A podcast and updated corporate video will be distributed as they become available.Stock OptionsThe Company has granted a total of 3,750,000 stock options to directors, officers, employees, and consultants to the Company, entitling them to purchase one common share for each option held at a price of $0.40 per share and valid for a period of two years. The options will vest in accordance with the Company's stock option plan.Forward Looking Financial ProjectionsBased on the Bowden plant running for 330 days/annum; ...