NetworkNewsBreaks – Petroteq Energy Inc. (TSX.V:
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Posted On: 02/05/2018 4:20:56 PM
NetworkNewsBreaks – Petroteq Energy Inc. (TSX.V: PQE) (OTCQX: PQEFF) Receives $2.5M From Deloro
Petroteq Energy (TSX.V: PQE) (OTCQX: PQEFF) this morning announced that it has received $2.5 million from Deloro Energy LLC, which is equal to the first tranche of the financing anticipated in the previously announced memorandum of understanding (“MOU”) with Deloro. Per the terms of the MOU, upon receipt of the entire first tranche, Deloro shall receive an economic royalty of 25% of the net profits of the company’s heavy oil extraction facility at Asphalt Ridge, Utah, from the date that the facility is operational. The MOU specifies that at least $2,000,000 of the first tranche shall be used toward the capital costs and related expenses regarding the expansion of the facility’s processing capacity to at least 1,000 barrels per day. Additionally, Deloro has agreed to loan Petroteq Energy CA, Inc., a wholly owned subsidiary of the company, $10 million under a convertible debenture which will be convertible into up to 49% of Petroteq Energy CA. “We look forward to sharing the details of our new plant assembly, as we move towards turning on the new facility,” Petroteq Energy CEO Alex Blyumkin stated in the news release.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Petroteq Energy (TSX.V: PQE) (OTCQX: PQEFF) this morning announced that it has received $2.5 million from Deloro Energy LLC, which is equal to the first tranche of the financing anticipated in the previously announced memorandum of understanding (“MOU”) with Deloro. Per the terms of the MOU, upon receipt of the entire first tranche, Deloro shall receive an economic royalty of 25% of the net profits of the company’s heavy oil extraction facility at Asphalt Ridge, Utah, from the date that the facility is operational. The MOU specifies that at least $2,000,000 of the first tranche shall be used toward the capital costs and related expenses regarding the expansion of the facility’s processing capacity to at least 1,000 barrels per day. Additionally, Deloro has agreed to loan Petroteq Energy CA, Inc., a wholly owned subsidiary of the company, $10 million under a convertible debenture which will be convertible into up to 49% of Petroteq Energy CA. “We look forward to sharing the details of our new plant assembly, as we move towards turning on the new facility,” Petroteq Energy CEO Alex Blyumkin stated in the news release.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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