The end of this month is going to be extremely eventful. Samsung announced its Unpacked event (with expected Galaxy S7 reveal) last week, and now LG has confirmed the G5 is being unveiled on the very same day in Barcelona. A previous event invitation didn't confirm the G5, but now it's all out in the open. LG also included this weird GIF on Facebook for some reason.
The G5 is rumored to have a Snapdragon 820, 3GB of RAM, secondary ticker display, a USB Type-C port, and some sort of weird "Magic Slot" expansion port. None of this is firm yet, but we'll know for sure on February 21st. That's the day before MWC officially starts, so LG will probably be wandering around the show with demo units.
You can expect to wait a few weeks after the device is unveiled before you can actually buy it. Samsung is rumored to be planning an early March launch, so I expect LG will want to be around the same time.