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Petroteq Enters into Debt Conversion Agreements and Amends Debentures

SHERMAN OAKS, CA / ACCESSWIRE / November 27, 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 / November 27, 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, announces its intention to complete debt conversion transactions with two arm's ‎length creditors pursuant to ‎which the Company will issue an aggregate of 4,529,166 common shares of ‎the Company at a deemed price of ‎US$0.119 per share in satisfaction of US$538,971. The Company (with the creditors' consent) determined to satisfy the ‎indebtedness with common shares 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 approval of the ‎directors of the Company and regulatory approval 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 ‎securities issuable pursuant to the transactions noted herein will be subject to a Canadian four-month hold ‎period.‎

In addition, the Company announces the following amendments to three previously issued convertible promissory notes that were disclosed in the Company's news release on October 6, 2021. While the amendments are intended to ensure that the notes comply with the policies of the Exchange, the notes and the amendments are ultimately subject to approval of the ‎ Exchange.

The convertible promissory note issued on April 21, 2021 that had an original principal amount of US$92,125 (including a ‎‎10% original issue discount) with a purchase price of US$83,750, has been amended to (i) clarify that only the purchase price (US$83,750) shall be convertible, (ii) fix the conversion price at US$0.048 (the market price on April 21, 2021), and (iii) ‎restrict the payments of interest, fees or other amounts under or in ‎relation to the note at a maximum of 24% per annum.

The convertible promissory note issued on May 20, 2021 that had an original principal amount of US$141,625 (including a ‎‎10% original issue discount) with a purchase price of US$128,750, has been amended to (i) clarify that only the purchase price (US$128,750) shall be convertible, (ii) fix the conversion price at US$0.042 (the market price on May 20, 2021), and (iii) ‎restrict the payments of interest, fees or other amounts under or in ‎relation to the note at a maximum of 24% per annum.

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Nachrichtenagentur: Accesswire
28.11.2021, 01:15  |  158   |   |   

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Petroteq Enters into Debt Conversion Agreements and Amends Debentures SHERMAN OAKS, CA / ACCESSWIRE / November 27, 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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