MiningNewsBreaks – Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) Announces Proposed Arrangement with Arm’s-Length Lender, Affiliate

September 3, 2020 12:02:12

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 a proposed arrangement with an existing arm’s-length lender and its affiliate. Under the agreement, the lender will exercise existing warrants of Petroteq Energy for a minimum of US$61,050 in gross proceeds to the company, which it would use to pay accrued and unpaid interest on three existing convertible debentures of the company held by the affiliate. The transactions addressed in the update are subject to completion and execution of definitive agreements and all necessary approvals, including from the TSX Venture Exchange.

To view the full press release, visit http://ibn.fm/ASoh5

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 the company’s website at 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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