Petroteq announces debt rescheduling

SHERMAN OAKS, CA / ACCESSWIRE / June 4, 2021 / Petroteq Energy Inc. (“Petroteq” or the “Company”) (TSXV: PQE) (OTC: PQEFF) (FSE: PQCF), an integrated oil company focused on developing and implementing its proprietary oil extraction and Remediation Technologies, announces the conclusion of debt conversion agreements with two borrowers in which the lenders will accept a total of 1,388,897 common shares of the company at an assumed price of $ 0.139 per share to satisfy $ 193,057 which is a specified principal and accrued and unpaid interest up to and including June 1, 2021 from convertible bonds that have already been issued.

The company (with the approval of the lenders) resolved to settle the above liability in common stock in order to preserve the company’s cash for use in its Asphalt Ridge, Utah mining technology and for working capital

The foregoing transactions are subject to all required approvals, including the TSX Venture Exchange (the “Exchange”). The foregoing securities are issued in reliance on exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the “US Securities Act”) and applicable state securities laws, and as “restricted securities” (as set out in Rule 144 of the US Securities Act). In addition, the shares to be issued are subject to a Canadian holding period of four months.

The company also announces that it has completed equity financing of 2,666,665 shares of common stock at $ 0.06 per share for gross proceeds of $ 130,000, previously announced on April 9, 2021.

About Petroteq Energy Inc.

Petroteq is a fully integrated clean technology company focused on developing and implementing a new proprietary technology for oil production. 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 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 manufacturing capacity at its Asphalt Ridge soil remediation and heavy oil extraction processing facility near Vernal, Utah.

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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 “may”, “would”, “could”, “should”, “potentially”, “will”, “seek”, “intend”, “plan”, “foresee”, “believe”, “estimate” “Expect” and similar expressions relating to the company are intended to identify forward-looking information, including the completion of the transactions referenced herein. Readers are cautioned that there is no certainty that it will be economically viable to produce any part of the resource. All statements that are not historical facts may be forward-looking information. Such statements reflect the company’s current views and intentions with respect to future events, based on the information available to the company, and are subject to certain risks, uncertainties and assumptions, including, but not limited to: obtaining the approval of the director and the exchange for the transactions. In providing forward-looking information, material factors or assumptions have been made. Although forward-looking statements are based on data, assumptions and analyzes that the company believes to be appropriate under the given circumstances, they are subject to a number of risks and uncertainties that could cause actual results, performance or developments to meet expectations and predictions The company’s results, performance and financial position differ materially from its expectations. Certain of the “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 of the stock exchange or the company’s directors to provide the necessary approvals; all closing conditions are met or are waived; Uncertainties inherent in estimating resources, including whether reserves will ever be ascribed to the company’s land; Because the company’s extraction technology is proprietary, not widely used in the industry, and has not been used in consistent commercial production, the company’s bitumen resources are classified as contingent resources as they are not currently considered commercially recoverable; full commercial production can lead to public opposition; the company cannot be certain that its bitumen resources are economically viable 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 prices; State of the capital markets and the ability of society to raise capital; Litigation; the commercial 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 in nature and have not been used to full capacity for an extended period of time; Dependence 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 model; the nature of oil and gas production and oil sands mining, extraction and production; Uncertainties in exploration and drilling for oil, gas and other hydrocarbonaceous substances; unexpected costs and expenses, availability of funding and other capital; possible damage to or destruction of 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 try to contain the pandemic, including travel restrictions, border closings, non-essential business closures, quarantines, self-isolation, accommodation in spatial and social distancing, Disruptions in markets, 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 referred to in the company’s disclosure documents filed with the United States Securities and Exchange Commission and available at (including but not limited to its most recent annual report on Form 10-K under the Securities Exchange Act of 1934, as amended) and from the securities regulators in certain provinces of Canada and available at

Should any factor unexpectedly affect the company or should the assumptions underlying any forward-looking information prove to be incorrect, actual results or events could differ materially from those forecast. Such forward-looking information is expressly restricted in its entirety by this warning notice. Furthermore, the company assumes no responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information contained in this press release was prepared 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 applicable 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 within the United States or to or for the account or for the benefit of US Persons without US registration or an applicable exemption from US registration requirements. This press release does not constitute an offer to sell any securities or a solicitation of an offer to buy any securities. Any public offer of securities in the United States must be made by means of a prospectus containing detailed information about the company and its management and financial statements contains.

Neither the TSX Venture Exchange nor its regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.


Petroteq Energy Inc.
Alex Blyumkin
Tel: (800) 979-1897

SOURCE: Petroteq Energy Inc

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