Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF), an integrated oil company focused on the development and implementation of its proprietary oil-extraction and remediation technologies, has received irrevocable subscription agreements totaling $2,144,999.92 in gross proceeds for the company. The agreements consist of 17,874,996 units of the company offered at $0.12 per unit, with a unit including one common share of the company and one transferable common share purchase warrant; each warrant also entitles the holder to acquire one additional common share of the company, which will be offered at $0.12 per share. According to the announcement, the financings include a $225,000 subscription from Alex Blyumkin, an officer and director of Petroteq. In addition, Petroteq announced a fourth follow on debt financing with a previous arm’s length lender for $3 million principal amount convertible secured debenture of the company and 20,833,333 transferable common share purchase warrants. ”I believe that the subscriptions for more than $5 million, including $225,000 of my own money, is an indication that there is confidence in support in our company, our technology and our prospects,” said Petroteq executive chair Alex Blyumkin in the press release. “We are excited to continue to develop our technology and commence consistent commercial production at our plant.”
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About Petroteq Energy Inc.
Petroteq is an integrated oil company focused on the development and implementation of a new proprietary technology for oil extraction and remediation. The company has an environmentally safe and sustainable technology for the extraction and reclamation of heavy 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. For more information about the company, visit www.Petroteq.energy.
NOTE TO INVESTORS: The latest news and updates relating to PQEFF are available in the company’s newsroom at http://ibn.fm/PQEFF
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