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Petroteq Announces Amendment to Previous Debt Conversion


Petroteq Announces A

iCrowdNewswire   Jan 8, 2021  1:11 PM ET

Petroteq Energy Inc., an integrated oil ‎company focused on the development and implementation of its proprietary oil-‎extraction and remediation technologies, announces an amendment to the agreement it announced on December 28, 2020 with an arm’s length lender in respect of a debenture issued by Company to the lender on July 19, 2019 that matured on October 19, 2020 and a debenture issued by Company to the lender on September 17, 2019 that matured on December 17, 2020.

Under the amended agreement (i) the lender will only be converting the interest under the debentures into shares (581,026) at a deemed price of US$0.039 per share, (ii) the lender will not be converting the principal (US$490,000) under the debentures into shares at US$0.039 per share and instead has agreed to extend the maturity date of each debenture by 12 months with the conversion price of such debentures being increased from US$0.037 to US$0.0475, and (iii) in consideration for the amendments to the debentures, the Company will issue the lender 1,000,000 warrants exercisable for up to 1,000,000 common shares of the Company at US$0.0475 per share with 500,000 maturing on October 19, 2021 and 500,000 maturing on December 17, 2021.

The foregoing transactions are subject to all necessary approvals, including from the TSX Venture Exchange (the “Exchange”). The foregoing securities 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, the shares issuable pursuant to the shares for debt transaction and the warrants issuable pursuant to the debenture extensions will be subject to a Canadian four-month hold period.‎

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



Contact Information:

Petroteq Energy Inc.
Alex Blyumkin
Executive Chairman
Tel: (800) 979-1897








Tags:    Wire, Disclosure Newswire, United States, English