GIII Regen III Corp

Gen III Oil Corp. (“Gen III” or the “Company”) (TSX-V: GIII) (OTCQX: ISRJF) announces the following updates:

Project Level Financing  

Management 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.

Patents 

Two 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 Permitting

Application 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 Commissioning  

The 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 IP 

The Company is actively engaged in discussions with parties in the USA for additional re-refining projects.

Marketing Materials

After 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 Options

The 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 Projections  

Based on the Bowden plant running for 330 days/annum; a 60/40 debt-to-equity ratio; using actual market contracted prices for Group II and Group III secured in Q3, 2018; and the Company’s financial model, we anticipate generating approximately $170 million in gross revenues and EBITDA of $85 million in our first full year of plant operations, subsequent to nameplate commissioning.  EBITDA is a non-GAAP measure.

About StormHarbour Securities LP

Based in New York, StormHarbour Securities LP is the North American arm of StormHarbour Partners LP, an independent global markets and financial advisory firm with a team of almost 160 professionals across offices in New York, London, Lisbon, Madrid, Hong Kong, Tokyo and Dubai.  StormHarbour has direct experience arranging financing for Canadian companies sourcing capital to develop their assets.

To Contact StormHarbour:

Stephen GoodmanManaging DirectorStormHarbour Securities LPT: 212-905-2534

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 7 patents issued in North America, 2 patents issued overseas and has 9 patent applications, patents pending or under review in strategic countries around the world.  The Company’s first full-scale facility is currently under development in Bowden, Alberta, 100km north of Calgary, with targeted production commencing in Q2 of 2020 (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 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 Company, please visit www.geniiioil.com.

On Behalf of the Board of Gen III Oil Corporation “Greg Clarkes” Greg ClarkesChief Executive OfficerFor 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 financial projections, substantial known and unknown risks and uncertainties, certain of which are beyond the control of the Company. 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 include, but are not limited to, the statements regarding entry into agreements to increase the potentially available annual UMO feedstock requirements and to allow the Company to further diversify its feedstock supply chain, statements with respect to the quantity and quality of the re-refined products that might be produced; the construction of the first ReGen™ re-refinery in Bowden, Alberta; targeted production dates for the Project; raising sufficient capital to support the construction of the Project; the estimated operating costs for the Project; the market for the finished products; and off-take agreements for all finished products from the Project. Undue reliance should not be placed on these forward-looking statements and information as they are based on assumptions made by Gen III and certain risks as of the date hereof regarding, among other things, the ability to enter into binding feedstock supply agreements with industry participants and meet all required conditions for the supply of feedstock of which there is no assurance, the ability to secure sufficient debt and equity financing for the Project, ability to secure and protect Gen III’s proprietary technology and intellectual property, that favourable growth parameters continue to exist in respect of current and future growth projects (including the ability to finance such projects on favorable terms), prevailing commodity prices, margins and exchange rates, that Gen III’s businesses will achieve sustainable financial results, and that the Company’s future results of operations will be consistent with management expectations in relation thereto, the availability and sources of capital, operating costs, ongoing utilization and future expansion, delays in plant construction and unexpected facility downtime and the ability to obtain required regulatory approvals as and when required. Readers are directed to, and are encouraged to read, Gen III’s management discussion and analysis for the nine-months period ended September 30, 2018, and year ended December 31, 2017 including the disclosure contained under the heading “Risk Factors” therein. The Company assumes no obligation to update forward-looking statements, except as required by applicable law.