NetworkNewsBreaks – Petroteq Energy Inc. (TSX.V:
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Posted On: 07/30/2020 3:15:36 PM
NetworkNewsBreaks – Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) Announces New Financing, Amendment to Securities and Shares for Debt
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 Wednesday announced the receipt of an irrevocable subscription agreement from an arm’s length lender. According to the update, the agreement was for a $150,000 principal amount (including a 20% original issue discount) convertible debenture and warrants exercisable for up to 3,033,980 common shares of the company at $0.0412 per share for 12 months. The debenture will bear no interest and have a term of 12 months. At the holder’s option, the purchase price of the debenture ($125,000) shall be convertible into 3,033,980 common shares of the company at $0.0412 per share. Petroteq will use the net proceeds of the financing on its extraction technology in Asphalt Ridge, Utah, as well as for working capital.
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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 Wednesday announced the receipt of an irrevocable subscription agreement from an arm’s length lender. According to the update, the agreement was for a $150,000 principal amount (including a 20% original issue discount) convertible debenture and warrants exercisable for up to 3,033,980 common shares of the company at $0.0412 per share for 12 months. The debenture will bear no interest and have a term of 12 months. At the holder’s option, the purchase price of the debenture ($125,000) shall be convertible into 3,033,980 common shares of the company at $0.0412 per share. Petroteq will use the net proceeds of the financing on its extraction technology in Asphalt Ridge, Utah, as well as for working capital.
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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