Petroteq Energy (TSX.V: PQE) (OTC: PQEFF), a fully integrated clean technology company with proprietary technology for soil remediation and oil extraction, today announced that it has issued to an arm’s length lender a US$750,000 principal amount (including a 20% original issue discount) unsecured convertible debenture, and warrants exercisable for up to 3,676,470 common shares of the Company, each at US$0.17, for 48 months. According to the update, the Company will use the net proceeds of the financing on its extraction technology in Asphalt Ridge, Utah, and for working capital. Petroteq’s 2020 capital investment plan includes approximately US$35 million directed to facility expansion and, as previously announced, the Company will invest these funds to complete the 3,000 barrel per day facility expansion. “The 2019 capital investment plan focused on driving efficiencies at our Asphalt Ridge facility from an operational and cost perspective and this focus was driven with an aim to achieve free cash flow in 2020,” Petroteq Chairman Alex Blyumkin said in the news release.
To view the full press release, visit http://ibn.fm/wnlK7
About Petroteq Energy Inc.
Petroteq is a fully integrated clean technology company focused on the development and implementation of a new proprietary technology for oil extraction. The Company has an environmentally safe and sustainable technology for the extraction and reclamation of heavy and bitumen from oil sands, oil shale deposits and shallow oil deposits. Petroteq is engaged in the development and implementation of its patented environmentally friendly heavy oil processing and extraction technologies. Petroteq is currently focused on developing its oil sands resources and expanding production capacity at its Asphalt Ridge soil remediation and heavy oil extraction processing facility located near Vernal, Utah. For more information, visit www.Petroteq.energy.
NOTE TO INVESTORS: The latest news and updates relating to PQEFF are available in the company’s newsroom at http://ibn.fm/PQEFF
About QualityStocksNewsBreaks
QualityStocksNewsBreaks provide a rapid summary of corporate news that catch the attention of QualityStocks. QualityStocksBreaks are designed to keep investors up to date on important and breaking news in the small-cap and micro-cap markets. Spanning all industries, including energy, entertainment, telecommunications, healthcare, retail and more, these news breaks deliver opportunities the investment community may have missed. Whether it is earnings results, mergers and acquisitions, or any other market-moving news, our news breaks keep you in the know. QualityStocks is committed to connecting subscribers with companies that have huge potential to succeed in the short and long-term future. It is part of our mission statement to help the investment community discover emerging companies that offer excellent growth potential.
QualityStocks (QS)
Scottsdale, Arizona
www.qualitystocks.com
480.374.1336 Office
Editor@QualityStocks.com
Please see full terms of use and disclaimers on the QualityStocks website applicable to all content provided by QS, wherever published or re-republished: http://www.qualitystocks.net/disclaimer.php