VANCOUVER, British Columbia, June 02, 2020 (GLOBE NEWSWIRE) -- Gen III Oil Corp. ("Gen III" or the "Company") (TSX-V: GIII) (OTCQX: ISRJF) announces that it has granted 600,000 stock options to the Company's Executive Vice President, Mark Redcliffe, entitling him to purchase one common share for each option held at a price of $0.20 per share and valid for a period of two years. The options were granted pursuant to the Company's stock option plan and will vest in two tranches.
The options granted to Mr. Redcliffe replace and top up the 500,000 options granted to him on May 6, 2018, which expired unexercised on May 6, 2020.
About Gen III Oil Corporation
Gen III is first and foremost a cleantech company that is building a green project that has compelling economics, without government subsidies. Gen III owns a portfolio of patented technologies that enable used motor oil ("UMO") re-refineries to produce a higher value product mix of base oils than traditional methods, including 55% Group III. The Company currently holds 8 patents issued in North America, 2 patents issued overseas and has 7 patent applications, patents pending or under review in strategic countries/regions around the world. The Company's first full-scale facility is currently under development in Alberta, with targeted production commencing 18 months after the requisite financing is obtained (the "Project"). With a fully executed off-take marketing agreement in hand with Elbow River Marketing Ltd., a subsidiary of Parkland Fuel Corporation, the Company has in place agreements for the sale of all 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 Company, 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 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.
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