Petroteq Energy (TSX.V: PQE) (OTC: PQEFF), a fully integrated surface oil sands mining oil company with proprietary technology, on Tuesday announced the issuance to an arm’s length lender of a US$480,000 principal amount (including a 20% original issue discount) unsecured convertible debenture, and warrants exercisable for up to 2,666,666 of the company’s common shares, each at US$0.15, for 12 months. The debenture has a 12-month term and bears a 3.3% interest rate per annum payable on maturity, and, at the option of the holder and in accordance with the terms and conditions, the purchase amount of the debenture (excluding the original issue discount of 20%) is convertible into 2,666,666 common shares of the company at US$0.15 per share. Petroteq will use the net proceeds of the financing on its extraction technology in Asphalt Ridge, Utah, as well as for working capital.
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About Petroteq Energy Inc.
Petroteq is a fully integrated oil and gas 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 of heavy oils 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. Its proprietary process produces zero greenhouse gas, zero waste and requires no high temperatures. Petroteq is currently focused on developing its oil sands resources and expanding production capacity at its Asphalt Ridge heavy oil extraction facility located near Vernal, Utah. For more information, visit the company’s website at www.Petroteq.energy.
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