SHERMAN OAKS, Calif., Sept. 03, 2019 (GLOBE NEWSWIRE) -- Petroteq Energy Inc. (“Petroteq” or the “Company”) (TSXV:PQE; OTC:PQEFF; FSE: PQCF), a fully integrated surface oil sands mining oil company with proprietary technology, announces the issuance to an arm’s length lender of a US$480,000 principal amount (including an original issue discount of 20%) unsecured convertible debenture, and warrants exercisable for up to 2,666,666 common shares of the Company at US$0.15 per share for 12 months. The debenture has a term of 12 months and bears interest at a rate of 3.3% per annum payable on maturity, and at the option of the holder the purchase amount of the debenture (excluding the original issue discount of 20%) is convertible into 2,666,666 common shares of the Company at US$0.15 per share in accordance with the terms and conditions set out in the debenture. All securities issued pursuant to the transaction are subject to a four-month hold period. The net proceeds of the financing will be used by the Company for use on its extraction technology in Asphalt Ridge, Utah, and for working capital.
Petroteq Announces Closing of Financing
Sep 04, 2019
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