Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF) is an oil company focused on the development and implementation of its proprietary oil-extraction and remediation technologies. The company today provided an update on reinstatement of trading of its common shares on TSX Venture Exchange. The Ontario Securities Commission (“OSC”) issued a cease trade order (“CTO”) on Aug. 9, 2021, due to the company’s failure to file its quarterly report on Form 10-Q (and related certifications) for the period ended May 31, 2021 on or before July 30, 2021, as required under Canadian National Instrument 51-102 – Continuous Disclosure Obligations. As a result of the CTO, trading of Petroteq’s common shares was suspended on the TSX.V. The continued halt of the company’s common shares was a result of unapproved issuances of common shares priced below what the Exchange generally approves for convertible securities. The OSC revoked its cease trade order effective Aug. 24, 2021.
Over the ensuing months from August 2021 to the current date in May 2022, the company has been in regular dialogue with TSX.V, while providing corrective actions in this regard. All actions were done with sincere intent by the company to protect the interests of the many shareholders and to resume trading on TSX.V.
“Although we have not yet received the approval from TSX.V to resume trading, we are diligently working to implement the necessary compliance framework that would be satisfactory to TSX.V and allow the shares of Petroteq to resume trading,” CEO Vladimir Podlipskiy said in the news release. “We believe that we have resolved most of the issues including mechanisms and controls that assure that prior incidents of non-compliance are fully addressed, while mitigating future risks of recurrence of such events. A draft proposal is now in place, but not yet approved by the parties.”
To view the full press release, visit https://ibn.fm/yKpHM
About Petroteq Energy Inc.
Petroteq is a clean technology company focused on the development, implementation and licensing of a patented, environmentally safe and sustainable technology for the extraction and reclamation of heavy oil and bitumen from oil sands and mineable oil deposits. The versatile technology can be applied to both water-wet deposits and oil-wet deposits — outputting high-quality oil and clean sand. Petroteq believes that its technology can produce a relatively sweet heavy crude oil from deposits of oil sands at Asphalt Ridge without requiring the use of water, and therefore without generating wastewater, which would otherwise require the use of other treatment or disposal facilities that could be harmful to the environment. Petroteq’s process is intended to be a more environmentally friendly extraction technology that leaves clean residual sand that can be sold or returned to the environment, without the use of tailings ponds or further remediation. For more information about the company, visit www.Petroteq.energy.
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