Petroteq Energy (TSX.V: PQE) (OTC: PQEFF), a fully
integrated surface oil sands mining oil company with proprietary technology, on
Tuesday announced the issuance to an arm’s length lender of a US$480,000
principal amount (including a 20% original issue discount) unsecured
convertible debenture, and warrants exercisable for up to 2,666,666 of the
company’s common shares, each at US$0.15, for 12 months. The debenture has a
12-month term and bears a 3.3% interest rate per annum payable on maturity,
and, at the option of the holder and in accordance with the terms and
conditions, the purchase amount of the debenture (excluding the original issue
discount of 20%) is convertible into 2,666,666 common shares of the company at
US$0.15 per share. Petroteq will use the net proceeds of the financing on its
extraction technology in Asphalt Ridge, Utah, as well as for working capital.
To view the full press release, visit http://ibn.fm/b9tbb
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 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. Its 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. For more
information, visit the company’s website at www.Petroteq.energy.
NOTE TO INVESTORS: The latest news and updates
relating to PQEFF are available in the company’s newsroom at http://ibn.fm/PQEFF
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