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Petroteq Provides By-Weekly Update on Status of Application for Management Cease Trade Order

Autor: Accesswire
31.07.2021, 05:00  |  154   |   |   

SHERMAN OAKS, CA / ACCESSWIRE / July 30, 2021 / Petroteq Energy Inc. ("Petroteq" or the "Company") ‎‎(TSXV:PQE)(OTC PINK:PQEFF)(FSE:PQCF), an oil ‎company focused on the development and implementation of its proprietary oil-‎extraction and …

SHERMAN OAKS, CA / ACCESSWIRE / July 30, 2021 / Petroteq Energy Inc. ("Petroteq" or the "Company") ‎‎(TSXV:PQE)(OTC PINK:PQEFF)(FSE:PQCF), an oil ‎company focused on the development and implementation of its proprietary oil-‎extraction and remediation technologies, is providing this bi-weekly update on the status of the Company's application for a management cease trade order (the "MCTO") which has now been filed by the Company with its principal regulator, the Ontario Securities Commission, under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"), following the Company's announcement on July 16, 2021 (the "Announcement") that it will be unable to file its quarterly report on Form 10-Q (and related certifications) for the period ended May 31, 2021 (the "Documents") on or before July 30, 2021, as required under Canadian National Instrument 51-102 - Continuous Disclosure Obligations. The MCTO, if granted, will not affect the ability of investors who are not insiders to trade in the securities of the Company. No decision has yet been ‎made by the Ontario Securities Commission on this application.

The Company continues to work closely with its auditor to remedy the default status and file the Documents and the restatements of its Periodic Financial Statements (as such term is defined in the Announcement), as soon as possible.

As referenced in the Announcement, the Audit Committee of Petroteq has engaged legal counsel to undertake a review of the Settlement ‎Agreement, the Note and the Security Agreement with the view to determining whether they are enforceable (and, in particular, whether the Security Agreement has properly charged the Company's ‎right, title and interest in the Oil and Gas Leases as personal property, and whether any security interests purportedly granted pursuant to the Security Agreement have been perfected under applicable ‎law), and whether the related liability should be classified as an actual or contingent liability.‎

The Company confirms that since the date of the Announcement: (i) except as set out above, there has been no material change to the information set out in the Announcement that has not been generally disclosed; (ii) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Documents is continuing, each of which will be issued in the form of a press release; (iii) there has not been any other specified default by the Company under NP 12-203; (iv) the Company is not subject to any insolvency proceedings; and (v) there is no material information concerning the affairs of the Company that has not been generally disclosed.

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Petroteq Provides By-Weekly Update on Status of Application for Management Cease Trade Order SHERMAN OAKS, CA / ACCESSWIRE / July 30, 2021 / Petroteq Energy Inc. ("Petroteq" or the "Company") ‎‎(TSXV:PQE)(OTC PINK:PQEFF)(FSE:PQCF), an oil ‎company focused on the development and implementation of its proprietary oil-‎extraction and …

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