Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF), an oil company focused on the development and implementation of its proprietary oil sands extraction and remediation technologies, has amended the terms of two debt conversion transactions with two arm’s length creditors. The adjustment was made as the result of a request from the TSX Venture Exchange. According to the announcement, the two debt conversion transactions were for the settlement of $538,971 of debt that was originally announced in November 2021. Petroteq and the arm’s length creditors agreed to amend the conversion price from $0.119 to $0.175; the amendment will result in the issuance of 3,079,833 common shares of the company rather than 4,529,166 common shares. The announcement also noted that the trading halt on Petroteq shares was lifted on May 27, 2022, and the company may submit these conversion settlements to the exchange for approval. The details of the transactions and amendments are subject to the typical approvals from both the exchange and directors of the company.
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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, Utah, 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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