- Petroteq Energy completed a private placement of almost $1 million, generating funds that will be used to continue development of its proprietary technology for the environmentally-safe extraction of heavy oil
- Currently utilized at the Petroteq extraction facility in the Utah Asphalt Ridge pilot project, the technology could revolutionize the oil industry
- The company has already reported consistent production at the facility, with plans to expand capacity over the next 24 months
Oil and gas industry technology innovator Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) recently announced the closing of a private placement generating aggregate gross proceeds of $985,950 for a total of 3,775,875 common shares and warrants excisable for 3,431,828 common shares.
According to a press release issued by the company on May 22, the net proceeds will be used for Petroteq Energy’s Utah extraction facility technology, as well as…
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