November 7, 2018

Gen III Oil Corp. Receives a Senior Credit Facility Term Sheet from Export Development Canada

VANCOUVER, British Columbia, Nov. 07, 2018 (GLOBE NEWSWIRE) — Gen III Oil Corporation (“Gen III” or the “Company“) (TSX-V: GIII) (OTCQX: ISRJF) is excited to announce it has received a term sheet from Export Development Canada (“EDC”), a financial Crown corporation, for a term loan for up to $72 million (the “Senior Credit Facility”) to finance up to 50% of a base oil re-refinery in Bowden, Alberta (the “Project”).

Project capex is currently estimated at $119 million including appropriate industry contingencies. The required equity is to be fully contributed prior to the first disbursement of the Senior Credit Facility. To date, the Company has contributed approximately $7 million to the Project.

The borrower of the Senior Credit Facility will be the Company’s wholly-owned subsidiary, Gen III Oil (Alberta) Inc. (“Gen III Alberta“) with the Company guaranteeing the loan. No securities of the Company, or Gen III Alberta, are contemplated to be issued in connection with the Senior Credit Facility.

The Senior Credit Facility may only be used to fund costs associated with the design, engineering, procurement, development, construction, commissioning and operational ramp-up of the Project, including, funding of a debt service reserve account, cost overrun account, interest payments, lender fees and expenses, professional fees and expenses, insurance premia, taxes, the cost of obtaining permits and other agreed upon costs and expenses incurred in connection with the Project.

Closing of the Senior Credit Facility is subject to various conditions, including the completion of satisfactory due diligence by the parties and execution and delivery of definitive loan documents.

Site Preparation and Pre-Construction Activities:

Tendering for site demolition has been completed. All tenders received from the pre-qualified bidders were in line with budget and schedule expectations. The Company is currently reviewing accepted submissions to ensure that both commercial and technical requirements are satisfied.

Plant Completion Timeline:

Facility completion and targeted production is now scheduled to commence in Q1 of 2020.

Company EVP, Mark Redcliffe stated, We are extremely pleased with the level of support shown by EDC. We look forward to fulfilling the term sheet requirements and building a long-term relationship with the EDC. Being able to secure an EDC term loan proposal at the project subsidiary level from a strong financial partner is a great outcome that will advance our Bowden site project, reduce the effects of shareholder dilution and provide a potential financial partner for future Gen III projects outside Canada.”

Company President & COO Gordon Driedger stated, We are pleased with the progress made during the most recent quarter and the significant advancement made on the project financing front.”

About EDC

Export Development Canada (EDC) is a financial Crown corporation that helps Canadian companies of all sizes to grow and succeed beyond Canada’s borders. EDC are international risk experts, equipping Canadian companies with the tools they need — trade knowledge, financing solutions, insurance and global connections – to take on the world with confidence. EDC also builds financial relationships with foreign buyers to generate opportunities for Canadian companies.

For more information and to learn how EDC can help your company, call 1-888-434-8508 or visit

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 Company’s patented ReGen™ 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 55% Group III production of synthetic grade motor oil in a commercial scale re-refining operation. The Company currently holds 5 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 Q1 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


On Behalf of the Board of Gen III Oil Corporation
“Greg Clarkes”
Greg Clarkes
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 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 the quantity and quality of the re-refined products that might be produced; the cost of construction of the first ReGen™ re-refinery; raising sufficient capital to support the construction of the Project; the estimated operating costs for the Project; the market for the finished products; negotiating off-take agreements for those finished products; and the anticipated annual recurring revenue and EBITDA derived from those operations. Actual results may differ materially from the forward-looking information contained herein. 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. The Company assumes no obligation to update forward-looking statements, except as required by applicable law. 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.