PQCF) outlines planned debt swaps
Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) (FWB: PQCF), an integrated oil company focused on the development and implementation of its proprietary oil exploration and remediation technologies, plans to complete the debt conversion transactions. According to the announcement, the transaction will involve two borrowers, to which PQEFF will issue 2,333,176 common shares for $ 0.094 per share. The transactions are settled for $ 219,318.33, which represents both accrued and unpaid interest on previously issued convertible bonds. The company also plans to finalize debt conversion transactions with four directors and one former director. These transactions include an additional 862,456 shares of common stock at a price of $ 0.094 per share; These transactions are calculated to cover $ 81,071.30 in accrued and unpaid director fees due on June 30, 2021. According to the announcement, the rescheduling received creditors approval and was intended as a means of preserving “Company cash for working capital and use” extraction technology from PQEFF in Asphalt Ridge, Utah. The expected transactions are subject to the necessary approvals.
To view the full press release, visit https://ibn.fm/YN3Vi
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. More information about the company can be found at www.Petroteq.com.
NOTE TO INVESTORS: For the latest news and updates on PQEFF, visit the company’s newsroom at http://ibn.fm/PQEFF
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