Petroteq Announces Proposed Share Issuances

SHERMAN OAKS, Calif., June 12, 2020 (GLOBE NEWSWIRE) -- Petroteq Energy Inc. (“Petroteq” or the “Company”) ‎‎(TSXV:PQE; ‎OTC:PQEFF; FSE:PQCF), an integrated oil ‎company focused on the development and implementation of its proprietary oil-‎extraction and remediation technologies, announces the execution of shares for debt agreements, pursuant to which it will issue an ‎‎aggregate of 7,064,864 common shares in satisfaction of US$389,712 (including accrued interest) of indebtedness currently owed to six ‎arm’s ‎length creditors. The Company determined to satisfy the indebtedness with common shares in order to ‎‎preserve the Company’s cash for use on its extraction technology in Asphalt Ridge, Utah, and for working ‎capital.

The Company also announces that it has received a subscription from an arm’s length subscriber for 1,998,739 common shares of the Company for ‎proceeds to the Company of US$79,949.59. The proceeds of the above financing were received between ‎February 4, 2020 and February 18, 2020 and have been used by the Company on its extraction technology in ‎Asphalt Ridge, Utah, and for working capital.‎

All ‎shares issued pursuant to the above transactions are subject to approval of the TSX Venture Exchange (the “Exchange”). The shares will be issued in reliance on exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), and applicable state securities laws, and will be issued as “restricted securities” (as defined in Rule 144 under the U.S. Securities Act). In addition, such securities will be subject to a Canadian four-month hold period.‎

About Petroteq Energy Inc.

Petroteq is a fully integrated clean technology company focused on the development and implementation of a new proprietary technology for oil extraction. The Company has an environmentally safe and sustainable technology for the extraction and reclamation of heavy and bitumen from oil sands, oil shale deposits and shallow oil deposits. Petroteq is engaged in the development and implementation of its patented environmentally friendly heavy oil processing and extraction technologies. Petroteq is currently focused on developing its oil sands resources and expanding production capacity at its Asphalt Ridge soil remediation and heavy oil extraction processing facility located near Vernal, Utah.