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Petroteq Energy Inc. (OTC PINK:PQEFF) announces an increase in its non-brokered private placement from C$80,000 to C$120,000. This Private Placement will now issue up to 2,400,000 Units, with each Unit comprising one common share and one half of a common share purchase warrant. The amended Warrants will expire 24 months post-closing at an exercise price of $0.05. The closing is contingent on regulatory approvals from the TSX Venture Exchange. Petroteq focuses on environmentally safe extraction technologies for heavy oil and bitumen from oil sands.
Petroteq Energy Inc. (OTC PINK: PQEFF) updates its operational progress under new CEO Ronald Miles. The company has successfully implemented a 500 barrels per day (BPD) pilot plant in Utah, commercializing its eco-friendly oil extraction technology (CORT). Petroteq aims to enhance operations at its Asphalt Ridge NW facility while pursuing licensing agreements with multiple partners, generating substantial royalties. The Canadian evaluation estimates the undiscounted net present value of their bitumen reserves at $1.017 billion, reflecting the potential profitability of their proprietary technology.
Petroteq Energy Inc. (TSXV:PQE, OTC PINK:PQEFF) has announced key changes in executive leadership and board appointments, including Ronald F. Miles as CEO and Barry Bergstrom as CFO. The company has successfully completed the mandate of its Regulatory Oversight Advisory Committee (ROC), ensuring compliance with TSXV policies. Additionally, the SEC has granted a 120-day extension for compliance deadlines until January 13, 2023. Petroteq focuses on environmentally friendly oil extraction technology, asserting its capability to produce quality heavy crude oil with minimal environmental impact.
Petroteq Energy Inc. (OTC PINK:PQEFF) announced that Viston United Swiss AG has withdrawn its takeover bid for the company, which was set to expire on September 9, 2022. Petroteq will continue operating and aims to enhance shareholder value through its unique oil extraction technology. Shareholders who submitted their shares to the offer will have their shares returned via Kingsdale Advisors. The company reassures stakeholders of its strategic positioning within the oil sector, emphasizing its environmentally friendly extraction methods that do not generate wastewater.
Viston United Swiss AG and its subsidiary have withdrawn their all-cash offer to acquire Petroteq Energy Inc. due to a rejection by the Committee on Foreign Investment in the United States. This decision reflects concerns that essential conditions of the offer are unlikely to be met before the scheduled expiry on September 9, 2022. Shareholders who tendered their common shares will have them returned by Kingsdale Advisors, the Depositary for the offer.
Petroteq Energy Inc. has secured an irrevocable subscription agreement, raising US$900,000 through the sale of 4,390,243 units at US$0.205 per unit. Each unit comprises one common share and half a warrant. Proceeds will fund extraction technology and working capital. The company will also complete a debt conversion with Cantone Asset Management, issuing 1,170,731 units in exchange for US$240,000 of debt. Both transactions await regulatory approval.
Petroteq Energy Inc. announced that the Committee on Foreign Investment in the United States (CFIUS) has rejected its joint notice with Viston United Swiss AG regarding a proposed acquisition. This decision does not outright prevent the transaction but removes the protective 'safe harbor' status, which could lead to further scrutiny under U.S. national security laws. Shareholders are reminded of the Offer to purchase shares at CAD$0.74 each, representing a 279% premium over the last traded price prior to a cease trade order. The deadline for shareholders to accept the offer is September 9, 2022.
Viston United Swiss AG and its subsidiary have received a rejection from CFIUS regarding their all-cash offer to acquire Petroteq Energy Inc. CFIUS's decision follows a formal notice submitted on May 16, 2022, and a comprehensive investigation that ended on August 22, 2022. The acquisition offer, expressed at C$0.74 per common share, represents a substantial premium of approximately 279% compared to the last closing price before a cease trade order. Shareholders are urged to tender their shares by the September 9, 2022 deadline.
Petroteq Energy Inc. has successfully closed a brokered private placement, raising US$2,500,000 by issuing 12,195,121 units at US$0.205 each to a single institutional investor. Each unit includes one common share and one-half warrant, with the whole warrant exercising at US$0.27 for a period of 24 months. The proceeds will be used for working capital and general corporate purposes. The transaction involved a 4% fee to the placement agent, Cantone Research, which received additional broker warrants. The securities are subject to specific resale restrictions.
Petroteq Energy Inc. (TSXV:PQE, OTC PINK:PQEFF) has announced that its Regulatory Oversight Advisory Committee (ROC) has reviewed all transactions from July and confirmed compliance with TSX Venture Exchange regulations. The company specializes in sustainable oil extraction technologies, promoting an environmentally friendly process that does not require water, thereby avoiding harmful wastewater generation. Petroteq's focus on developing patented methods aims to produce high-quality oil while leaving minimal environmental impact.
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