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 Valkor Engineering has agreed to settle the remaining portion of its debt with the company, namely, US$700,000, through the issuance of 11,666,666 common shares of the company, each at a deemed price of US$0.06. According to the update, including the shares for debt transaction between Valkor and Petroteq announced on July 20, 2020, upon closing of both transactions, Valkor would hold 60,624,666 common shares of the company representing 19.92% of all of its common shares (assuming no other shares are issued between now and closing). Provided all transactions close, as announced in the company’s news release issued on July 20, 2020 as well as this update, Valkor would hold 17.54% of all issued and outstanding shares of Petroteq. The shares for debt transaction for the remaining debt of US$700,000 is subject to completion and execution of a debt conversion agreement and all necessary approvals.
To view the full press release, visit http://ibn.fm/fNTbG
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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