VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 26, 2017) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Gen III Oil Corporation ("Gen III" or the "Company") (TSX VENTURE:GIII) is pleased to announce that, further to its news release on July 26, 2017 and due to higher than anticipated demand, it has agreed with Canaccord Genuity Corp. (the "Agent") to increase the size of its previously announced brokered private placement to up to 9,337,075 units (the "Units") for aggregate gross proceeds of up to $6,535,952.50 (the "Offering").

Each Unit is being offered at a price of $0.70 per Unit and consists of one common share (a "Common Share") and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one Common Share for a period of 24 months from the closing date of the Offering at an exercise price of $1.00 per Common Share.

The net proceeds of the Offering will be used for continued engineering and project development activities on the Company's Bowden project, working capital and general corporate purposes.

The closing of the Offering is expected to occur on or about September 27, 2017 and is subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued pursuant to the Offering will be subject to a four month hold period in accordance with applicable Canadian securities laws.

This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The securities will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.

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, which will produce large quantities of Group III and Group II+ base oils. Gen III is developing their first full-scale facility in Bowden, Alberta with scheduled production beginning in Q4 of 2018.

On Behalf of the Board of Gen III Oil Corporation

Greg Clarkes, Chief Executive Officer

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 timing for closing of the Offering and 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.