- First announced in September 2019, the equity financing generated proceeds of $500,000
- The financing is part of an ongoing effort to secure the capital required to enhance the company’s Asphalt Ridge oil extraction processes
- Extraction operations were recently resumed at Asphalt Ridge after facility upgrades
Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) announced on October 18, 2019, the final closing of equity financing initiated one month prior. According to a news release, the company generated gross proceeds of $500,000 through the issuance of 2,777,777 units sold at $0.18 each (http://nnw.fm/8XlSF). Funds generated through the equity financing will be put towards the company’s innovative clean oil extraction technology.
In addition, Petroteq has issued to an arm’s length lender a $240,000 principal amount unsecured convertible debenture and warrants exercisable for up to 1,176,470 common shares of the company at $0.20 per share for 15 months. The debenture has a timeframe of 15 months and…
NOTE TO INVESTORS: The latest news and updates relating to PQEFF are available in the company’s newsroom at http://nnw.fm/PQEFF
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