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

HALIFAX, NS, Nov. 13, 2023 /CNW/ - G2S2 Capital Inc. ("G2S2") announces that its wholly owned subsidiary has acquired 5,300 warrants to purchase common shares of Calfrac Well Services Ltd. ("Calfrac").

Specifically, on November 13, 2023, G2S2's wholly owned subsidiary, Armco Alberta Inc., acquired warrants to acquire 5,300 common shares at a price of $1.8583 per warrant through the facilities of the Toronto Stock Exchange (the "Acquisition").

Immediately prior to the Acquisition, G2S2, through its wholly owned subsidiary, owned and exercised control over 28,178,029 common shares of Calfrac ("Common Shares"), representing a securityholding percentage of 34.76%.

Immediately after the Acquisition, G2S2, through its wholly owned subsidiary, owns and exercises control over 28,178,029 Common Shares and 5,300 warrants, which, if exercised, would entitle G2S2 to an additional 5,300 Common Shares, representing a securityholding percentage of 34.77% of the Common Shares (determined on a partially diluted basis assuming the exercise of only the warrants held by G2S2).

The warrants were acquired for investment purposes. G2S2 may, from time to time, acquire additional Common Shares or warrants, or dispose of some or all of its current or additional Common Shares or warrants, in the normal course of its investment activities.

G2S2 has filed an early warning report relating to this press release on the System for Electronic Document Analysis and Review (SEDAR) at www.sedar.com under Calfrac's issuer profile. The address of the head office of Calfrac is Suite 500, 407 - 8th Avenue S.W., Calgary, Alberta, T2P 1E5.

About G2S2

G2S2 Capital Inc. is a privately held investment holding company focused on creating value across a variety of businesses with a long term horizon. G2S2 is incorporated under the laws of Canada. G2S2 is controlled
by George & Simé Armoyan.

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.

SOURCE G2S2 Capital Inc.