Petroteq Announces Agreements to Reprice Previously Announced Debt Conversions
SHERMAN OAKS, CA / ACCESSWIRE / June 29, 2022 / 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 sands extraction and …
SHERMAN OAKS, CA / ACCESSWIRE / June 29, 2022 / 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 sands extraction and remediation technologies, announces that, pursuant to a request from the TSX Venture Exchange (the "Exchange"), the Company has agreed with an arm's length creditor to amend the terms of a debt conversion transaction for the settlement of US$249,000 of debt originally announced on October 29, 2020. The Company and the creditor have agreed to amend the conversion price from US$0.045 to US$0.15 resulting in an issuance of 1,660,000 common shares of the Company in lieu of 4,888,888 common shares. The October 29, 2020 news release disclosed that the Company intended to complete three shares-for-debt transactions, pursuant to which it would issue an aggregate of 7,222,221 fully-paid common shares in satisfaction of US$360,000 of indebtedness. The disclosure related to US$20,000 of debt for 333,333 common shares (which closed on April 26, 2022), US$120,000 of debt for 2,000,000 common shares (which did not proceed), and the debt which is the subject matter of this news release (subject to accrued interest since October 2020), namely, US$220,000 of debt for 4,888,888 common shares.
In addition, pursuant to a request from the Exchange, the Company has also agreed with two arm's length creditors to amend the terms of two debt conversion transactions for the settlement of an aggregate of US$700,000 of debt originally announced on July 13, 2021. The Company and the two arm's length creditors have agreed to amend the conversion price from US$0.12 to US$0.15 resulting in an aggregate issuance of 4,666,666 common shares of the Company in lieu of 5,833,333 common shares.
The foregoing debt conversion transactions have all been previously reported in the Company's financial statements.
Lesen Sie auch
The foregoing transactions remain subject to approval of the directors of the Company and regulatory approval from the Exchange. The foregoing common shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws. Two of the three creditors are domiciled in the United States and will be issued an aggregate of 3,414,633 common shares as "restricted securities" (as defined in Rule 144 under the U.S. Securities Act), in reliance on exemptions from U.S. federal and state registration requirements. In addition, the securities issuable pursuant to the transactions noted herein will be subject to a Canadian four-month hold period.