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Petroteq Energy Inc. has received approval from the TSX Venture Exchange for the resumption of trading in its common shares (OTC PINK: PQEFF) after a period of suspension due to a cease trade order related to late financial filings. The company's shares are expected to resume trading within the week. the company's previous CEO, Alex Blyumkin, has made a cash payment of $2,822,000 to benefit shareholders. Additionally, Petroteq will establish a Regulatory Oversight and Advisory Committee to ensure compliance with exchange policies.
Viston United Swiss AG and its subsidiary have submitted a voluntary notice to CFIUS regarding their cash offer to acquire all common shares of Petroteq Energy (TSX-V: PQE; OTC: PQEFF). The offer is priced at C$0.74 per share, representing a premium of approximately 279% over the last closing price before a cease trade order. The offer is set to remain open until June 17, 2022, subject to specific conditions, including CFIUS clearance and a minimum tender condition of 50% +1 of the outstanding shares. Shareholders are advised to act promptly to avoid possible dilution.
Petroteq Energy Inc. has issued an update regarding the reinstatement of trading for its Common Shares on the TSX Venture Exchange after a cease trade order was issued by the Ontario Securities Commission on August 9, 2021. The trading was suspended due to unapproved share issuances. While the OSC revoked its cease trade order on August 24, 2021, the company has been working diligently with the Exchange to address compliance issues. CEO Vladimir Podlipskiy expressed optimism about resuming trading soon, highlighting corrective actions taken, including senior management changes and the implementation of new compliance measures.
Petroteq Energy (OTC PINK:PQEFF) has announced advancements in its proprietary oil-extraction technology, emphasizing the significance of developing U.S. oil sands reserves, particularly in Utah. The company has designed a facility capable of extracting 500 barrels per day and aims for a future plant with a capacity of 5,000 barrels daily. Petroteq's eco-friendly method requires no water and generates no emissions, aligning with the growing global need for energy independence. CEO Vladimir Podlipsky stated the technology positions Petroteq to address the global energy crisis while maximizing shareholder value amidst ongoing takeover bids.
Petroteq Energy Inc. has announced an extension of the all-cash takeover offer from Viston Swiss United AG, now valid until June 17, 2022. This extension is to allow Viston more time to secure clearance under U.S. national security regulations.
As of April 14, 2022, approximately 598.4 million shares, or 78.8%, of Petroteq's common stock have been tendered. The Petroteq Board of Directors continues to recommend the offer, viewing its immediate cash value as more favorable than alternatives.
Viston United Swiss AG, through its subsidiary, announced an extension for accepting its cash offer to acquire Petroteq Energy Inc. (TSX-V: PQE; OTC: PQEFF) until
Petroteq Energy Inc. (OTC PINK: PQEFF) announced that major shareholder Cantone Asset Management has tendered over 100 million shares in a takeover bid from Viston Swiss United AG. The Company also disclosed the issuance of a $300,000 convertible debenture and 2.5 million share purchase warrants to Cantone. The tender offer remains open until April 14, 2022, unless extended. This transaction will not alter the total number of issued shares on a fully diluted basis.
Petroteq Energy Inc. announced the completion of an updated design for its 5,000 BPD oil extraction plant by Valkor, LLC. This update was part of an ongoing partnership established via a Technology License Agreement in 2019. The advanced design is anticipated to optimize the extraction process while adhering to eco-friendly standards. Petroteq's management is optimistic about future revenue growth, despite an ongoing tender offer from Viston United Swiss AG, which remains open until April 14, 2022.
Petroteq Energy Inc. has announced that its founder, Mr. Alex Blyumkin, tendered shares in support of a takeover bid by Viston United Swiss AG. The offer to purchase all outstanding common shares of Petroteq is open until April 14, 2022. Blyumkin's significant shareholding will aid Viston in acquiring a controlling interest. The Board has recommended shareholders tender their shares. The company emphasizes its established value through third-party evaluations, notably the Chapman Report, which outlines substantial bitumen reserves and future net revenue potential estimated in millions.
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