Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF), an integrated oil company focused on the development and implementation of its proprietary oil-extraction and remediation technologies, plans to complete debt conversion transactions. According to the announcement, the transactions will involve two arm’s length lenders, to which PQEFF will issue 2,333,176 common shares for $0.094 per share. The transactions will be in satisfaction of $219,318.33, representing both accrued and unpaid interest under previously issued convertible debentures. The company also plans to complete debt conversion transactions with four directors and one former director. Those transactions will involve an additional 862,456 common shares offered at $0.094 per share; these transactions are calculated to satisfy $81,071.30 of accrued and unpaid director fees due on June 30, 2021. According to the announcement, the debt conversions received creditors’ consent and were determined as a means to preserve the company’s cash for working capital and for use on PQEFF’s extraction technology in Asphalt Ridge, Utah. The anticipated transactions are subject to necessary approvals.
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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 about the company, please visit www.Petroteq.com.
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