Petroteq Energy (TSX.V: PQE) (OTC: PQEFF), an integrated
oil company focused on the development and implementation of its proprietary
oil-extraction and remediation technologies, on Monday announced that it has
issued to an arm’s length lender a US $417,000 principal amount (including a
20% original issue discount) secured convertible debenture, and warrants
exercisable for up to 4,906,250 common shares of the company at $0.15 per
share for 48 months. The purchase price of $392,500 for the securities, less
fees and expenses, was advanced by the subscriber to Petroteq between December
13, 2019, and February 14, 2020. The debenture has a term of 48 months and
bears interest at a rate of 10% per annum payable quarterly. At the option of
the holder, the principal amount of the debenture is convertible into
4,906,250 common shares at a price of $0.08 each. In the event the closing
price of the common shares on the TSXV is above $0.40 for twenty consecutive
trading days, with average daily volume greater than 1,000,000 common shares
over such twenty-day period, Petroteq holds the option to convert the principal
amount of the debenture at a price of $0.08 per share. The company utilized the
net proceeds from the financing toward its extraction technology in Asphalt
Ridge, Utah, and for working capital. Additionally, the company has paid a
FINRA regulated brokerage firm and registered investment adviser Cantone
Research, Inc. $31,400 and issued them broker warrants exercisable for up to
392,500 common shares of the company at $0.08 per share for 48 months.
To view the full press release, visit http://ibn.fm/s210k
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.
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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