Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF), an integrated oil company focused on the development and implementation of its proprietary oil-extraction and remediation technologies, plans to complete debt conversion transactions. According to the announcement, the transactions will involve two arm’s length lenders, to which PQEFF will issue 2,333,176 common shares for $0.094 per share. The transactions will be in satisfaction of $219,318.33, representing both accrued and unpaid interest under previously issued convertible debentures. The company also plans to complete debt conversion transactions with four directors and one former director. Those transactions will involve an additional 862,456 common shares offered at $0.094 per share; these transactions are calculated to satisfy $81,071.30 of accrued and unpaid director fees due on June 30, 2021. According to the announcement, the debt conversions received creditors’ consent and were determined as a means to preserve the company’s cash for working capital and for use on PQEFF’s extraction technology in Asphalt Ridge, Utah. The anticipated transactions are subject to necessary approvals.
To view the full press release, visit
https://ibn.fm/YN3Vi
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 about the company, please visit
www.Petroteq.com.
NOTE TO INVESTORS: The latest news and updates relating to PQEFF are available in the company’s newsroom at
http://ibn.fm/PQEFF
About InvestorWire
InvestorWire is the wire service that gives you more. From regional releases to global announcements presented in multiple languages, we offer the wire-grade dissemination products you’ll need to ensure that your next press release grabs the attention of your target audience and doesn’t let go. While our competitors look to nickel and dime you with hidden fees and restrictive word limits, InvestorWire keeps things transparent. We offer UNLIMITED Words on all domestic releases. While other wire services may provide a basic review of your release, InvestorWire helps you put your best foot forward with complimentary Press Release Enhancement.
With our competitors, the work is done the second your release crosses the wire. Not with InvestorWire. We include follow-up coverage of every release by leveraging the ever-expanding audiences of the 50+ brands that make up the InvestorBrandNetwork.
Get more out of your next press release with InvestorWire. It’s unlike anything you’ve seen before.
For more information, please visit https://www.InvestorWire.com
Please see full terms of use and disclaimers on the InvestorBrandNetwork website applicable to all content provided by IBN, wherever published or re-published: http://ibn.fm/Disclaimer
InvestorWire (IW)
8033 Sunset Blvd Suite 1037-IW
Los Angeles, CA 90046
310.299.1717 Office
www.InvestorWire.com
Editor@InvestorWire.com
InvestorWire is part of the InvestorBrandNetwork.