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, today announced that both Valkor Engineering and Petroteq’s Chairman Alex Blyumkin have agreed to invest in the Company at a premium to the public market price of its common shares. According to the update, Blyumkin has delivered an irrevocable subscription agreement for US$600,000 for 15,000,000 common shares of Petroteq, each at a price of US$0.04 – a 20% premium to the current market price. In addition, Petroteq’s strategic technology partner, Valkor Engineering, has agreed to complete a shares-for-debt transaction, pursuant to which Petroteq will issue Valkor 45,000,000 common shares in satisfaction of US$1,800,000 of the US$2,500,000 owed to Valkor for previous engineering work. “I have been working with Petroteq on their proprietary technology for a few years now, and my confidence in the platform and its capabilities have only grown,” Steve Byle, CEO of Valkor Engineering, stated in the news release. “We look forward to completing the upgrade work and the design of the commercial scale plant over the next couple of months.”
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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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