Petroteq Energy Inc. an integrated oil company focused on the development and implementation of its proprietary oil-extraction and remediation technologies, announces a proposed arrangement with an existing arm’s length lender (the “Lender”) and its affiliate (the “Affiliate”). The agreement between the parties is as follows:
In addition, the Company also intends to complete a shares for debt transaction, pursuant to which it will issue an aggregate of 952,380 common shares in satisfaction of US$100,000 of indebtedness to a service provider. The Company determined (with the service provider’s consent) to satisfy the foregoing indebtedness with common shares in order to preserve the Company’s cash for use on its extraction technology in Asphalt Ridge, Utah, and for working capital.
The foregoing transactions are all subject to completion and execution of a definitive agreements and all necessary approvals, including from the TSX Venture Exchange (the “Exchange”). The securities issuable pursuant to the new financing and the shares for debt transactions will be issued in reliance on exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), and applicable state securities laws, and will be issued as “restricted securities” (as defined in Rule 144 under the U.S. Securities Act). In addition, such securities will be subject to a Canadian four-month hold period.
The Company also announces that it has closed the US$300,000 equity financing previously announced on August 14, 2020.
About Petroteq Energy Inc.
Petroteq is a fully integrated clean technology company focused on the development and implementation of a new proprietary technology for oil extraction. The Company has an environmentally safe and sustainable technology for the extraction and reclamation of heavy and bitumen from oil sands, oil shale deposits and shallow oil deposits. Petroteq is engaged in the development and implementation of its patented environmentally friendly heavy oil processing and extraction technologies. Petroteq is currently focused on developing its oil sands resources and expanding production capacity at its Asphalt Ridge soil remediation and heavy oil extraction processing facility located near Vernal, Utah.
For more information, visit www.Petroteq.energy.
CONTACT INFORMATION
Petroteq Energy Inc.
Alex Blyumkin
Executive Chairman
Tel: (800) 979-1897