G2S2 CAPITAL INC. FILES EARLY WARNING REPORT FOR INVESTMENT IN CALFRAC WELL SERVICES LTD.

HALIFAX, N.S., November 11, 2022 /CNW/ – G2S2 Capital Inc. (“G2S2”) announces that its wholly-owned subsidiary has disposed of 808,296 common shares (“Common Shares”) of Calfrac Well Services Ltd. (“Calfrak”).

More specifically, on November 10, 2022G2S2’s wholly-owned subsidiary, Armco Alberta Inc., disposed of 808,296 common shares at a price of $7.2568 per share through the facilities of the Canadian Securities Exchange (the “Provision”).

Immediately prior to the disposition, G2S2, through its wholly owned subsidiary, owned and exercised control over an aggregate of 11,516,496 common shares and $23,302,000 10% principal amount of senior secured convertible-in-kind notes (“convertible notes”) which, if converted, would entitle G2S2 to an additional 17,487,430 common shares, representing a percentage ownership of 45.12% of the common shares (determined on a partially diluted basis assuming the conversion of G2S2 only $23,302,000 principal amount of the Convertible Bonds).

Immediately following the disposition, G2S2, through its wholly owned subsidiary, owns and exercises control over an aggregate of 10,708,200 common shares and $23,302,000 principal amount of the convertible notes which, if converted, would entitle G2S2 to an additional 17,487,430 ordinary shares, representing an equity ownership percentage of 43.86% of the ordinary shares (determined on a partially diluted basis in assuming the conversion of only G2S2 titles $23,302,000 principal amount of the Convertible Bonds).

The common shares have been alienated for investment purposes. G2S2 may, from time to time, acquire additional Common Stock or Convertible Notes, or dispose of all or a portion of its current or additional Common Stock or Convertible Notes, in the normal course of its investing activities.

G2S2 has filed an early warning report relating to this press release on the System for Electronic Document Review and Analysis (SEDAR) at www.sedar.com under Calfrac’s issuer profile. Calfrac’s corporate address is Suite 500, 407 – 8th Avenue SW, Calgary, ABT2P 1E3.

About G2S2

G2S2 Capital Inc. is a private investment holding company focused on creating value in a variety of businesses over the long term. G2S2 is incorporated under the laws of Canada. G2S2 is controlled by George & Simé Armoyan.

SOURCE G2S2 Capital Inc.

For further information: For further information or to obtain a copy of the early warning report, please contact: George Armoyan, Executive Chairman of G2S2 at 416-855-1922.

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