NetworkNewsBreaks – Petroteq Energy Inc. (TSX.V:
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Posted On: 03/31/2020 5:17:13 PM
NetworkNewsBreaks – Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) Issues Securities to Arm’s Length Lender
Petroteq Energy (TSX.V: PQE) (OTC: PQEFF), an integrated oil company focused on the development and implementation of its proprietary oil-extraction and remediation technologies, on Monday announced that it has issued to an arm’s length lender a US $417,000 principal amount (including a 20% original issue discount) secured convertible debenture, and warrants exercisable for up to 4,906,250 common shares of the company at $0.15 per share for 48 months. The purchase price of $392,500 for the securities, less fees and expenses, was advanced by the subscriber to Petroteq between December 13, 2019, and February 14, 2020. The debenture has a term of 48 months and bears interest at a rate of 10% per annum payable quarterly. At the option of the holder, the principal amount of the debenture is convertible into 4,906,250 common shares at a price of $0.08 each. In the event the closing price of the common shares on the TSXV is above $0.40 for twenty consecutive trading days, with average daily volume greater than 1,000,000 common shares over such twenty-day period, Petroteq holds the option to convert the principal amount of the debenture at a price of $0.08 per share. The company utilized the net proceeds from the financing toward its extraction technology in Asphalt Ridge, Utah, and for working capital. Additionally, the company has paid a FINRA regulated brokerage firm and registered investment adviser Cantone Research, Inc. $31,400 and issued them broker warrants exercisable for up to 392,500 common shares of the company at $0.08 per share for 48 months.
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), an integrated oil company focused on the development and implementation of its proprietary oil-extraction and remediation technologies, on Monday announced that it has issued to an arm’s length lender a US $417,000 principal amount (including a 20% original issue discount) secured convertible debenture, and warrants exercisable for up to 4,906,250 common shares of the company at $0.15 per share for 48 months. The purchase price of $392,500 for the securities, less fees and expenses, was advanced by the subscriber to Petroteq between December 13, 2019, and February 14, 2020. The debenture has a term of 48 months and bears interest at a rate of 10% per annum payable quarterly. At the option of the holder, the principal amount of the debenture is convertible into 4,906,250 common shares at a price of $0.08 each. In the event the closing price of the common shares on the TSXV is above $0.40 for twenty consecutive trading days, with average daily volume greater than 1,000,000 common shares over such twenty-day period, Petroteq holds the option to convert the principal amount of the debenture at a price of $0.08 per share. The company utilized the net proceeds from the financing toward its extraction technology in Asphalt Ridge, Utah, and for working capital. Additionally, the company has paid a FINRA regulated brokerage firm and registered investment adviser Cantone Research, Inc. $31,400 and issued them broker warrants exercisable for up to 392,500 common shares of the company at $0.08 per share for 48 months.
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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