Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF) and Uppgard Konsult AB have announced the signing of an engagement letter with a well-known, Canada-based, international law firm that specializes in the field of mergers and acquisitions as well as in the energy sector in general and oil and gas in particular. The agreement outlines assistance with regards to Uppgard Konsult AB’s takeover bid and tender offer for shares in Petroteq Energy in Canada. Uppgard Konsult AB has officially offered to purchase up to 200 million shares of Petroteq at 0.50 euro per share, subject to Uppgard Konsult AB’s terms and conditions. The announcement noted that Uppgard Konsult AB has permission to disclose the proof of funds to shareholders interested in the takeover offer; the purchase offer is expected to close by Sept. 30, 2021. “We are looking into further strengthening the team and bringing in another consulting firm that has extensive experience and knowledge in the North American markets,” the press release stated. “To further earn shareholder confidence, the client provided Uppgard Consult AB with a hard proof of fund for 120 million euro to demonstrate the financial resources necessary to support the proposed acquisition and the future development of the technology and expansion of the business.”
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About Petroteq Energy Inc.
Petroteq is an integrated oil company focused on the development and implementation of a new proprietary technology for oil extraction and remediation. 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, visit www.Petroteq.energy.
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