NetworkNewsBreaks – Petroteq Energy Inc. (TSX.V:
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Posted On: 01/07/2020 5:06:23 PM
NetworkNewsBreaks – Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) Announces Closing of Financing, Expansion Plans for Asphalt Ridge Facility
Petroteq Energy (TSX.V: PQE) (OTC: PQEFF), a fully integrated clean technology company with proprietary technology for soil remediation and oil extraction, today announced that it has issued to an arm’s length lender a US$750,000 principal amount (including a 20% original issue discount) unsecured convertible debenture, and warrants exercisable for up to 3,676,470 common shares of the Company, each at US$0.17, for 48 months. According to the update, the Company will use the net proceeds of the financing on its extraction technology in Asphalt Ridge, Utah, and for working capital. Petroteq’s 2020 capital investment plan includes approximately US$35 million directed to facility expansion and, as previously announced, the Company will invest these funds to complete the 3,000 barrel per day facility expansion. “The 2019 capital investment plan focused on driving efficiencies at our Asphalt Ridge facility from an operational and cost perspective and this focus was driven with an aim to achieve free cash flow in 2020,” Petroteq Chairman Alex Blyumkin said 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) (OTC: PQEFF), a fully integrated clean technology company with proprietary technology for soil remediation and oil extraction, today announced that it has issued to an arm’s length lender a US$750,000 principal amount (including a 20% original issue discount) unsecured convertible debenture, and warrants exercisable for up to 3,676,470 common shares of the Company, each at US$0.17, for 48 months. According to the update, the Company will use the net proceeds of the financing on its extraction technology in Asphalt Ridge, Utah, and for working capital. Petroteq’s 2020 capital investment plan includes approximately US$35 million directed to facility expansion and, as previously announced, the Company will invest these funds to complete the 3,000 barrel per day facility expansion. “The 2019 capital investment plan focused on driving efficiencies at our Asphalt Ridge facility from an operational and cost perspective and this focus was driven with an aim to achieve free cash flow in 2020,” Petroteq Chairman Alex Blyumkin said 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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