G2 Goldfields Closes C$13.8 Million Bought Deal Public Offering

About this update from G2 Goldfields, Inc.

G2 Goldfields Closes C$13.8 Million Bought Deal Public Offering /* Style Definitions */ span.prnews_span { font-size:8pt; font-family:"Arial"; color:black; } a.prnews_a { color:blue; } li.prnews_li { font-size:8pt; font-family:"Arial"; color:black; } p.prnews_p { font-size:0.62em; font-family:"Arial"; color:black; margin:0in; } Canada NewsWire /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES / TORONTO , March 24, 2023 /CNW/ - G2 Goldfields Inc. (" G2 " or the " Company ") (TSXV: GTWO) (OTCQX: GUYGF) is pleased to announce that it has closed its previously announced "bought deal" public offering of common shares of the Company (the " Shares ") for aggregate gross proceeds of $13,800,000 (the " Offering "). Pursuant to the Offering, the Company issued 17,250,000 Shares at a price of $0.80 per Share, which included the full exercise of the over-allotment option by the Underwriters (as defined below). The Offering was conducted by a syndicate of underwriters led by Cormark Securities Inc. and included Sprott Capital Partners LP, Roth Canada, Inc. and BMO Nesbitt Burns Inc. (collectively, the " Underwriters "). The net proceeds from the Offering are expected to be used to advance exploration activities at the Company's Oko project in Guyana and for general corporate purposes, as more fully described in the Company's prospectus supplement dated March 20, 2023 to the base shelf prospectus dated December 15, 2022 (collectively, the " Prospectus "). The Shares were qualified for distribution pursuant to the Prospectus filed with the securities commissions in each of the provinces and territories of Canada , except Quebec . In connection with the completion of the Offering, the Underwriters received a cash commission equal to 6% of the gross proceeds of the Offering, other than in respect of sales of Shares to certain purchasers on a president's list, on which a cash commission of 3% was paid. Patrick Sheridan , Executive Chairman of the Company, purchased an aggregate of 250,000 Shares pursuant to the Offering. Participation by Mr. Sheridan in the Offering was considered a "related party transaction" pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (" MI 61-101 "). The Company was exempt from the requirements to obtain a formal valuation or minority s...

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