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Petroteq Energy Inc. (TSXV:PQE, OTC PINK:PQEFF) releases a letter from interim CEO R. G. Bailey addressing shareholders. Key achievements include completing a 500 bpd oil extraction plant, selling a $2 million commercial license to Greenfield Energy LLC, and confirming the efficacy of their Clean Oil Recovery Technology (CORT). The company is pursuing a larger 5,000 bpd plant and has received a feasibility study for it. Additionally, Petroteq plans to convert debt into shares to preserve cash for operations. With WTI prices above $80, the company aims to license its technology globally.
Petroteq Energy Inc. has provided an update on its application for reinstatement of common shares on the TSX Venture Exchange following a cease trade order issued by the Ontario Securities Commission on August 6, 2021. The company has filed necessary financial statements and disclosures, but concerns about unapproved filings have arisen. A total of 54,370,814 Common Shares were issued, with approximately 50 million shares issued below acceptable prices. The exchange's review may take time, and reinstatement is not expected soon.
Petroteq Energy Inc. announced the successful testing of its heavy oil sample by Quadrise Fuels International. Testing confirmed the ability to produce MSAR® and bioMSAR™ fuels from oil sourced using Petroteq's Clean Oil Recovery Technology (CORT), indicating potential for commercial production in Utah. The completion of this phase opens discussions for future trials and scalability. Petroteq's technology aims for environmentally friendly extraction, producing high-quality crude without generating wastewater.
Petroteq Energy Inc. has signed a confidentiality agreement with a previously disclosed third-party client, facilitating discussions for a potential transaction. Details about the third party remain undisclosed. The agreement aims to clarify the identity and intentions of the third party. However, there is no guarantee that a transaction will occur, as it would require necessary approvals. Petroteq is focused on environmentally friendly oil extraction technologies, which do not produce wastewater, making their processes sustainable.
Petroteq Energy Inc. reported a corporate update regarding its trading status. The Ontario Securities Commission has revoked the cease trade order, but the company is still subject to a suspension on the TSX Venture Exchange. Petroteq is actively working on its reinstatement application, though the timeline remains uncertain. The company remains compliant with U.S. Securities Exchange Act filings, with its fiscal year-end report due by November 29, 2021. CEO Dr. R.G. Bailey emphasized commitment to expedite the reinstatement process.
Petroteq Energy Inc. has received proof of funds amounting to €120,000,000 from an undisclosed bidder, facilitated indirectly through their legal counsel, Gowling WLG (Canada) LLP. This confirmation is a prerequisite for negotiating a non-disclosure agreement, enabling discussions on a potential transaction. The announcement does not guarantee a completed transaction and is subject to regulatory, shareholder, and director approvals. Petroteq specializes in environmentally safe oil extraction technologies.
Petroteq Energy Inc. has announced that the cease trade order (CTO) from the Ontario Securities Commission (OSC) was revoked effective August 24, 2021. The CTO was due to the company's failure to file its quarterly report on Form 10-Q by the required deadline. The company has since filed the necessary documents, including amended financial statements, with both the SEC and SEDAR. Petroteq continues to work with the TSX Venture Exchange for reinstatement of trading and assures stakeholders of its ongoing operations.
Petroteq Energy has filed its amended financial statements and management discussion for eight quarters ending February 28, 2021, and its 10-Q report for the quarter ended May 31, 2021. The company identified a contingent liability of US$6 million, but there was no overall financial impact. Operations have continued without interruption. Petroteq is collaborating with the Ontario Securities Commission to revoke a Cease Trade Order and plans to update the market soon. CEO R.G. Bailey assured shareholders that conditions have normalized.
Petroteq Energy Inc. (OTC PINK:PQEFF) announced it will miss the deadline for financial statement restatements, pushing completion to August 19, 2021. This follows a Cease Trade Order from the Ontario Securities Commission due to a failure to file its quarterly report on time. The company aims to classify a $6 million promissory note as a contingent liability, expecting the CTO to lift upon filing the restated statements. Operations continue normally as Petroteq collaborates with auditors to resolve the issue.
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