2022-06-08 | TSXV:PQE | Press release

SHERMAN OAKS, Calif./ACCESSWIRE/June 8, 2022/ Petroteq Energy Inc. (“petroteq“or the”Company“) ‎‎(TSXV:PQE; OTC PINK:PQEFF; FSE:PQCF), ‎an oil company focused on the development and ‎implementation of its proprietary oil sands extraction and reclamation technologies, announces that , pursuant to a request from the TSX Venture Exchange (the “Swap“), the Company has agreed with two arm’s length creditors to amend the terms of two debt conversion transactions for the settlement of $538,971 of debt originally announced on November 27, 2021. These two debt transactions have previously been reported in the financial documents of the Company.

The Company and the two arm’s length creditors have agreed to change the conversion price from US$0.119 to US$0.175, which would result in an aggregate issuance of 3,079,833 common shares of the Company instead of 4,529,166 ordinary actions. The trading halt was lifted on May 27, 2022 and the Company is authorized to submit these conversion regulations to the Stock Exchange for approval.

The above transactions remain subject to the approval of the directors of the Company and the regulatory approval of the Bourse. The foregoing common stock has not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Law“), or any state securities law. One of the creditors is domiciled in the United States and will receive 1,712,679 shares of common stock as “restricted securities” (as defined in Rule 144 of U.S. securities law), based on exemptions from U.S. federal and state law registration requirements. Canadian detention for four months.

About Petroteq Energy Inc.‎

Petroteq is a clean technology company focused on the development, implementation and licensing of patented, environmentally friendly and sustainable technology for the extraction and recovery of heavy oil and bitumen from oil sands and recoverable oil deposits. Versatile technology can be applied to both water wet deposition and oil wet deposition – producing high quality oil and clean sand.

Petroteq believes its technology can produce relatively sweet heavy crude oil from the Asphalt Ridge oil sands deposits without requiring the use of water, and therefore without generating wastewater that would otherwise require the use of other treatment or disposal facilities that could be Harmful to the environment. Petroteq’s process is designed to be a more environmentally friendly extraction technology that leaves clean residual sand that can be sold or returned to the environment, without the use of tailings ponds or other remedial measures .

For more information, visit www.Petroteq.energy.‎

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements

Certain statements in this press release contain forward-looking statements within the meaning of United States and Canadian securities laws. Words such as “may”, “would”, “might”, “should”, “potential”, “will”, “seek”, “intend”, “plan”, “anticipate”, “believe “, “estimates”, ” and other similar expressions relating to the Company, including: the closing of debt conversion transactions referred to herein; are intended to identify forward-looking information. All statements other than statements of historical facts may be forward-looking information.These statements reflect the Company’s current beliefs and intentions regarding future events, based on information available to the Company, and are subject to certain risks, uncertainties and assumptions, including, without limited to: the negotiation and execution of definitive agreements for the modified transactions; the receipt of necessary approvals for the transactions; and closing conditions being satisfied or waived. significant factors or assumptions were applied to provide forward-looking information. Although forward-looking statements are based on data, assumptions and analyzes that the Company believes are reasonable in the circumstances, whether actual results, performance or developments will meet the Company’s expectations and forecasts depends on a certain number of risks and uncertainties that could cause the results, performance and financial condition of the Company to differ materially from its expectations. Some of the “Risk Factors” that could cause actual results to differ materially from the Company’s forward-looking statements in this press release include, but are not limited to: the risk that SITLA will not approve the assignment of the leases of ‘Asphalt Ridge NW at TMC Capital; that large-scale commercial production can generate public opposition; changes in laws or regulations; the ability to implement business strategies or seize business opportunities, whether for economic or other reasons; world oil market conditions, oil prices and price volatility; oil prices; dispute; the nature of oil and gas production and oil sands development, extraction and production; uncertainties associated with exploring for and drilling oil, gas and other hydrocarbon-containing substances; unforeseen costs and expenses; loss of life and environmental damage; risks associated with compliance with environmental protection laws and regulations; and administrators; the risks associated with COVID-19, including various recommendations, orders and measures by government authorities in an attempt to limit the pandemic, including travel restrictions, border closures, closures of non-essential businesses, quarantines, l self-isolation, shelter-in-place, and social distancing; disruptions in markets, economic activity, financing, supply chains, and sales channels; and deterioration in general economic conditions, including a possible national or global recession; and other general economic, market and business conditions and factors, including risk factors discussed or referred to in the Company’s disclosure documents filed with the United States Securities and Exchange Commission and available at www. .sec.gov (including, without limitation, its most recent annual report on Form 10-K under the Securities Exchange Act of 1934, as amended), and with securities regulatory authorities of certain provinces of Canada and available at www.sedar.com.

If any factor affects the Company in an unexpected way, or if the assumptions underlying the forward-looking information prove incorrect, the actual results or events could differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Further, the Company assumes no responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release, and the Company undertakes no obligation to publicly update or revise the forward-looking information, except as required by applicable law.

CONTACT INFORMATION

Petroteq Energy Inc.‎

Vladimir Podlipsky

Acting General Manager

Such. : (800) 979-1897‎

THE SOURCE: Petroteq Energy Inc.

See the source version on accesswire.com:

https://www.accesswire.com/704337/Petroteq-Announces-Agreement-to-Reprice-Prior-Debt-Conversions

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