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

HALIFAX, NS, Nov. 11, 2022 /CNW/ - G2S2 Capital Inc. ("G2S2") announces that that its wholly owned subsidiary has disposed of 808,296 common shares ("Common Shares") of Calfrac Well Services Ltd. ("Calfrac").

Specifically, on November 10, 2022, G2S2'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 "Disposition").

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 principal amount of 10% senior secured convertible payment-in-kind notes ("Convertible Notes") which, if converted would entitle G2S2 to an additional 17,487,430 Common Shares, representing a securityholding percentage of 45.12% of the Common Shares (determined on a partially diluted basis assuming the conversion of only G2S2's $23,302,000 principal amount of Convertible Notes).

Immediately after 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 Convertible Notes which, if converted would entitle G2S2 to an additional 17,487,430 Common Shares, representing a securityholding percentage of 43.86% of the Common Shares (determined on a partially diluted basis assuming the conversion of only G2S2's $23,302,000 principal amount of Convertible Notes).

The Common Shares were disposed of for investment purposes. G2S2 may, from time to time, acquire additional Common Shares or Convertible Notes, or dispose of some or all of its current or additional Common Shares or Convertible Notes, 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 1E3.

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.

SOURCE G2S2 Capital Inc.

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.