Petroteq Clarifies Disclosure Relating to Share for Debt Settlements
Toronto, Ontario, Canada and Los Angeles, CA, USA June 14, 2023, (STOCKWATCH) - Petroteq Energy Inc. (TSX-V:PQE) (“PQE”, or the “Company), an oil company focused on the development and implementation of its proprietary oil sands extraction and remediation technologies, is clarifying disclosure included in a press release dated December 19, 2022 (link) (the “December Press Release”).
The December Press Release noted that an aggregate of 90,331,773 common shares in the capital of the Company (each, a “Share”) were issued at a price of $0.05 per Share. The Company would like to clarify that the aggregate number of Shares issued in settlement of certain debts payable by the Company was 91,233,776 Shares at a price of $0.05 per Share.
On behalf of the Board
Interim CEO, CTO and Chairman
Petroteq Energy Inc.
Tel: (800) 979-1897
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 which 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, visit www.petroteq.energy.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This new release contains forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulators. We do not assume any obligation to update any forward-looking statements, other than as required by securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities described herein have not been registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities law and may not be offered or sold in the “United States”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available.
Released June 14, 2023