Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF), an oil company focused on the development and implementation of its proprietary oil-extraction technologies and remediation technologies, has received information regarding an all-cash offer from Viston Swiss United AG. According to the announcement, the company received a copy of an advice issued by Royal Bank of Scotland confirming that UNIExpress Investment Holdings PLC, the sending bank acting on behalf Viston, is holding cash funds in the amount of 420,000,000EUR in favor of the receiving bank’s client, Kingsdale Advisors. Kingsdale Advisors is representing Viston as its information agent and depository in connection with the tender offer from 869889 Ontario Inc., an indirect wholly owned subsidiary of Viston. 869889 Ontario is seeking to purchase all issued and outstanding common stock of Petroteq. The advice confirms that the funds are irrevocably blocked and reserved in favor of Kingsdale Advisors for a period of 45 days. Petroteq has confirmed that Viston has passed key regulatory milestones, including the Hart-Scott-Rodino Act waiting period and the initial review period. The company also reminded shareholders that Viston has filed a variation and extension notice, extending the offer through Feb. 28, 2022, and that Petroteq’s board of directors has unanimously recommended that shareholders tender their common shares to the offer, as they intend to do.
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About Petroteq Energy Inc.
Petroteq is a clean-technology company focused on the development, implementation and licensing of a patented, environmentally safe and sustainable technology for the extraction and reclamation of heavy oil and bitumen from oil sands and mineable oil deposits. The versatile technology can be applied to both water-wet deposits and oil-wet deposits, outputting high-quality oil and clean sand. Petroteq believes that its technology can produce a relatively sweet heavy crude oil from deposits of oil sands at Asphalt Ridge without requiring the use of water and, therefore, without generating wastewater that would otherwise require the use of other treatment or disposal facilities, which could be harmful to the environment. Petroteq’s process is intended to be a more environmentally friendly extraction technology that leaves clean residual sand, which can be sold or returned to the environment without the use of tailings ponds or further remediation. For more information about the company, visit www.Petroteq.energy.
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