Fully integrated oil and gas company Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) yesterday announced the issuance of a number of securities pursuant to previously issued news releases. Further to its May 18 release, the company issued an aggregate of 559,087 common shares to six arm’s length parties for gross proceeds of $305,000. Further to its May 22 release, the company issued an aggregate of 764,740 common shares to seven arm’s length parties, including common share purchase warrants, for gross proceeds of $472,200. Finally, further to its May 23 release, Petroteq issued an aggregate of 4,240,667 common shares to six arm’s length parties for gross proceeds of $2,502,022. Net proceeds from these issuances are expected to be used by Petroteq to advance its extraction technology in Asphalt Ridge, Utah, as well as for working capital. Including the issuance of shares detailed in yesterday’s update, the company now has 73,567,511 common shares issued and outstanding.
To view the full press release, visit http://ibn.fm/5IeFp
About Petroteq Energy Inc.
Petroteq is a fully integrated oil and gas 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 of heavy oils 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’s proprietary process produces zero greenhouse gas, zero waste and requires no high temperatures. Petroteq is currently focused on developing its oil sands resources and expanding production capacity at its Asphalt Ridge heavy oil extraction facility located near Vernal, Utah. The company also owns a minority stake in an exploration and production play located in southwest Texas held by Accord GR Energy Inc. In addition, the company, through its wholly owned subsidiary PetroBLOQ, LLC, is seeking to develop the first blockchain based platform created exclusively for the supply chain needs of the oil & gas sector. For more information, visit www.Petroteq.energy and www.PetroBLOQ.com
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