NetworkNewsBreaks – Petroteq Energy Inc. (TSX.V:
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Posted On: 08/14/2020 3:21:17 PM
NetworkNewsBreaks – Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) Announces Additional Debt Conversions, Equity Investment
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, today announced that Valkor Engineering has agreed to settle the remaining portion of its debt with the company, namely, US$700,000, through the issuance of 11,666,666 common shares of the company, each at a deemed price of US$0.06. According to the update, including the shares for debt transaction between Valkor and Petroteq announced on July 20, 2020, upon closing of both transactions, Valkor would hold 60,624,666 common shares of the company representing 19.92% of all of its common shares (assuming no other shares are issued between now and closing). Provided all transactions close, as announced in the company’s news release issued on July 20, 2020 as well as this update, Valkor would hold 17.54% of all issued and outstanding shares of Petroteq. The shares for debt transaction for the remaining debt of US$700,000 is subject to completion and execution of a debt conversion agreement and all necessary approvals.
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, today announced that Valkor Engineering has agreed to settle the remaining portion of its debt with the company, namely, US$700,000, through the issuance of 11,666,666 common shares of the company, each at a deemed price of US$0.06. According to the update, including the shares for debt transaction between Valkor and Petroteq announced on July 20, 2020, upon closing of both transactions, Valkor would hold 60,624,666 common shares of the company representing 19.92% of all of its common shares (assuming no other shares are issued between now and closing). Provided all transactions close, as announced in the company’s news release issued on July 20, 2020 as well as this update, Valkor would hold 17.54% of all issued and outstanding shares of Petroteq. The shares for debt transaction for the remaining debt of US$700,000 is subject to completion and execution of a debt conversion agreement and all necessary approvals.
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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