Petroteq Announces Debt Conversions

SHERMAN OAKS, CA / ACCESSWIRE / June 4, 2021 / 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 debt conversion agreements with two arm's length lenders wherein the lenders will accept an aggregate of 1,388,897 common shares of the Company at a deemed price of US$0.139 per share in satisfaction of US$193,057, representing certain principal and accrued and unpaid interest up to and including June 1, 2021, under previously issued convertible debentures.

The Company (with the lenders' consent) determined to satisfy the foregoing 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 foregoing transactions are subject to all necessary approvals, including from the TSX Venture Exchange (the "Exchange"). The foregoing securities 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, the shares issuable will be subject to a Canadian four-month hold period.‎

The Company also announces that it has closed the equity financing of 2,666,665 common shares at US$0.06 per share for gross proceeds of US$130,000 previously announced on April 9, 2021.

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.