SHERMAN OAKS, Calif., December 28, 2020 (GLOBE NEWSWIRE) – Petroteq Energy Inc. (“Petroteq” or the “Companies”) (TSXV: PQE; OTC: PQEFF; FSE: PQCF), an integrated oil company focused on the development and implementation of its proprietary oil production and remediation technologies, announces its intention to complete two stocks for debt transactions on a market market Lenders where the Lender accepts a total of 13,145,130 common shares of the Company at an assumed price of $ 0.039 per share to a satisfaction of $ 512,660, representing the principal amount outstanding and interest accrued and unpaid through December 28, 2020, inclusive As part of a bond that the company issued to the lender on July 19, 2019 and which matured on October 19, 2020, and a bond that the company issued to the lender on September 17, 2019 and which was due on December 17 Was due in 2020.
The company (with the approval of the lender) decided to use common stock to service the above indebtedness in order to receive the company’s cash for the use of its extraction technology in Asphalt Ridge, Utah, and for working capital.
The above transactions are subject to all necessary approvals, including from the TSX Venture Exchange (the “exchange”). The aforementioned securities are issued subject to exceptions to the registration requirements of the United States Securities Act of 1933, as amended.US Securities Act”) And applicable state securities laws and are issued as“ Restricted Securities ”(as defined in Rule 144 of the US Securities Act). In addition, the shares issued are subject to a Canadian holding period of four months.
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 exploration. The company has an environmentally friendly and sustainable technology for the extraction and recovery of heavy and bitumen from oil sands, oil shale deposits and shallow oil deposits. Petroteq is involved in the development and implementation of its patented environmentally friendly heavy oil processing and recovery technologies. Petroteq is currently focused on developing its oil sands resources and expanding production capacity at its Asphalt Ridge soil remediation and heavy oil recovery facility near Vernal, Utah.
For more information, visit www.Petroteq.energy.
Forward-Looking Statements
Certain statements in this press release contain forward-looking statements within the meaning of US and Canadian securities laws. Words such as “can”, “would”, “could”, “should”, “potential”, “will”, “seek”, “intend”, “plan”, “anticipate”, “believe”, “estimate” ” “Expect” and similar expressions relating to the company are intended to identify forward-looking information, including the completion of the transactions herein. Readers are cautioned that there is no certainty that it will be economically viable to produce any part of the resource. All statements other than historical facts may be forward-looking information. These statements reflect the company’s current beliefs and intentions with respect to future events, based on information available to the company and are subject to certain risks, uncertainties and assumptions including, but not limited to, obtaining the director’s approval and the exchange for the transactions. In providing forward-looking information, material factors or assumptions have been taken into account. While forward-looking statements are based on data, assumptions and analysis that the company believes to be appropriate in the given circumstances, it depends on a number of risks and uncertainties that actual expectations and forecasts of the company may cause actual results and performance or developments correspond to the company’s expectations and forecasts. The company’s results, performance and financial position deviate significantly from its expectations. “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: failure by the stock exchange or the company’s directors to provide the necessary approvals; all closing conditions are met or canceled; Uncertainties in estimating the resources, including whether reserves will ever be allocated to the Company’s properties; Because the company’s extraction technology is proprietary, not widely used in the industry, and has not been used for consistent commercial production, the company’s bitumen resources are classified as a contingent resource as they are not currently considered commercially viable. Full commercial production can lead to public opposition. The company cannot be certain that its bitumen resources are economically producible and therefore cannot be classified as proven or probable reserves under applicable securities laws. Changes in laws or regulations; the ability to execute business strategies or pursue business opportunities, whether for economic or other reasons; Status of world oil markets, oil prices and price volatility; Oil pricing; State of the capital markets and the ability of society to raise capital; Litigation; the economic and economic viability of the Company’s oil sands hydrocarbon extraction technology and other proprietary technologies developed or licensed by the Company or its subsidiaries that are currently experimental and have not been used to their full extent for an extended period of time; Reliance on suppliers, contractors, consultants and key personnel; the company’s ability to maintain its mineral lease holdings; potential failure of the company’s business plans or business model; the type of oil and gas production as well as oil sands mining, extraction and production; Uncertainties in exploration and drilling for oil, gas and other hydrocarbonaceous substances; unexpected costs and expenses, availability of finance and other capital; potential damage or destruction to property, loss of life and environmental damage; Risks associated with compliance with environmental laws and regulations; uninsurable or uninsured risks; potential conflicts of interest of officers and directors; Risks related to COVID-19, including various recommendations, orders and actions by government agencies to contain the pandemic, including travel restrictions, border closings, non-essential business closings, quarantines, self-isolation, shelters, local and social distancing, market disruption, economic activity, financing, Supply chains and distribution channels and a deterioration in general economic conditions, including a possible national or global recession; and other general economic, market and business conditions and factors, including the risk factors discussed or mentioned in the company’s disclosure documents filed with the Securities and Exchange Commission and at www.sec.gov available (including, but not limited to, its most recent annual report on Form 10-K under the Securities Exchange Act of 1934, as amended), from the securities regulators in certain provinces of Canada and at www.sedar.com.
Should any factor unexpectedly affect the company, or should the assumptions underlying any forward-looking information prove incorrect, actual results or events could differ materially from those forecast. Such forward-looking information is expressly qualified in its entirety by this warning notice. Furthermore, the company assumes no responsibility for the accuracy or completeness of this forward-looking information. The forward-looking information contained in this press release is as of the date of this press release and the company assumes no obligation to publicly update or revise any forward-looking information except as required by law.
The securities referred to in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States, to or for the account or benefit by US persons without US registration or an applicable exemption from US registration requirements. This press release constitutes neither an offer to sell any securities nor a solicitation of an offer to buy any securities. Any public offer of securities in the United States must be made on the basis of a prospectus, which contains detailed information about the company and its management and financial statements .
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 press release.
CONTACT INFORMATION
Petroteq Energy Inc.
Alex Blyumkin
CEO
Tel .: (800) 979-1897
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