Uppgard Konsult AB Update on its Share Purchase Initiative for Petroteq Energy Inc (TSX-V:PQE, OTC:PQEFF, FSE:PQCF)

Rhea-AI Summary

Uppgard Konsult AB has engaged a renowned Canadian law firm to assist with a takeover bid for Petroteq Energy Inc. (PQEFF). The Client has demonstrated financial capability with a proof of funds of 120 million Euro to support the acquisition and business expansion. An official offer has been made to purchase up to 200 million shares at 0.50 Euro each, anticipated to conclude by September 30, 2021. The offer is subject to specific terms and conditions as disclosed in the German Federal Gazette.

Positive

• Engagement of a reputable law firm to facilitate the takeover bid.
• Demonstrated financial capacity with a proof of funds of 120 million Euro.
• Official offer to purchase shares at 0.50 Euro, signaling investor confidence.

Negative

• None.

KRYLBO, SWEDEN / ACCESSWIRE / July 16, 2021 / Regarding Petroteq Energy Inc. ('Petroteq' or the 'Company') (TSX-V:PQE) (OTC:PQEFF) (FSE:PQCF), Uppgard Konsult AB ('Uppgard' or the 'Company')
announces that on July 7, 2021 the Client signed an engagement letter with a renowned international law firm based in Canada with proven experience in the field of mergers and acquisitions as well as in the energy sector in general and oil & gas in particular.

The scope of the work is to assist with regards to takeover bid / tender offer for shares in Petroteq Energy Inc. in Canada.

We are looking into further strengthening the team and bringing in another consulting firm that has extensive experience and knowledge in the North American markets.

To further earn shareholder confidence, the Client provided Uppgard Consult AB with a hard proof of fund for 120 million Euro to demonstrate the financial resources necessary to support the proposed acquisition and the future development of the technology and expansion of the business.

Uppgard Konsult AB has permission to disclose the proof of funds to shareholders interested in the takeover offer

Uppgard Konsult AB has made an official offer to purchase up to 200 million shares of Petroteq Energy Inc. at 0.50 Euro per share cash from it's shareholders, subject to Uppgard Konsult AB's terms and conditions.

It's expected and anticipated to complete a his offer by September 30, 2021.

For further information please visit the website of the German Federal Gazette:

https://www.bundesanzeiger.de/pub/en/start?2
(https://www.bundesanzeiger.de/pub/en/start?2)

and/or contact Uppgard Consult AB at:
email: info@uppgardab.com
tel.: + 46 (8) 465 026 18

Upon clicking on the link and searching for 'Uppgard' or 'Petroteq' select under Business Disclosures the latest offer from the 06/29/2021 'Freiwilliges öffentliches Kaufangebot an die Aktionäre der Petroteq Energy', Amendment of publication of 04/16/2021, the purported offer can be reviewed in the German language.

The purchase offer is subject to Uppgard Konsult AB's terms and conditions.

The German federal gazette the 'Bundesanzeiger' , is the official publication of the Federal Department of Justice and Consumer Protection, of the Federal Republic of Germany and the official proclamation and announcement organ for legally mandated announcements by the private sector in Germany.

Please note that this is not investment advice or an offer to purchase investments.

We strongly recommend that all investors consult with their own financial representatives or investment advisors before making any decisions.

Safe Harbor Statement
This press release contains statements that the Company believes to be 'forward-looking statements' within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than historical facts, including, without limitation, statements regarding the investment offerings and the terms thereof, are forward-looking statements. When used in this press release, words such as we 'expect', 'intend', 'plan', 'estimate', 'anticipate', 'believe', 'should', or the negative thereof or similar terminology are generally intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Investors should not place undue reliance upon forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

SOURCE: Uppgard Konsult AB

View source version on accesswire.com:
https://www.accesswire.com/655815/Uppgard-Konsult-AB-Update-on-its-Share-Purchase-Initiative-for-Petroteq-Energy-Inc-TSX-VPQE-OTCPQEFF-FSEPQCF

FAQ

What is the takeover bid for Petroteq Energy (PQEFF)?

Uppgard Konsult AB has made a takeover bid to purchase up to 200 million shares of Petroteq Energy Inc. at 0.50 Euro each.

When is the expected completion date for the takeover offer of Petroteq (PQEFF)?

The takeover offer is anticipated to be completed by September 30, 2021.

What proof of funds was provided for the Petroteq Energy acquisition?

A proof of funds amounting to 120 million Euro was provided to demonstrate financial capability for the acquisition.

Who is managing the takeover bid for Petroteq Energy Inc.?

The takeover bid is being managed by Uppgard Konsult AB with the assistance of a prominent Canadian law firm.

Where can I find more information about the takeover offer for Petroteq Energy (PQEFF)?

More information can be found in the German Federal Gazette and from Uppgard Consult AB.