Petroteq Energy (TSX.V: PQE) (OTC: PQEFF), a fully integrated clean technology company with proprietary technology for soil remediation and oil extraction, today announced that it has issued to an arm’s length lender a US$750,000 principal amount (including a 20% original issue discount) unsecured convertible debenture, and warrants exercisable for up to 3,676,470 common shares of the Company, each at US$0.17, for 48 months. According to the update, the Company will use the net proceeds of the financing on its extraction technology in Asphalt Ridge, Utah, and for working capital. Petroteq’s 2020 capital investment plan includes approximately US$35 million directed to facility expansion and, as previously announced, the Company will invest these funds to complete the 3,000 barrel per day facility expansion. “The 2019 capital investment plan focused on driving efficiencies at our Asphalt Ridge facility from an operational and cost perspective and this focus was driven with an aim to achieve free cash flow in 2020,” Petroteq Chairman Alex Blyumkin said in the news release.
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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.
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