MiningNewsBreaks – Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) Announces Additional Debt Conversions, Equity Investment

Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) , an integrated oil company focused on the development and implementation of its proprietary oil-extraction and remediation technologies, today announced that Valkor Engineering has agreed to settle the remaining portion of its debt with the company, namely, US$700,000, through the issuance of 11,666,666 common shares of the company, each at a deemed price of US$0.06. According to the update, including the shares for debt transaction between Valkor and Petroteq announced on July 20, 2020, upon closing of both transactions, Valkor would hold 60,624,666 common shares of the company representing 19.92% of all of its common shares (assuming no other shares are issued between now and closing). Provided all transactions close, as announced in the company’s news release issued on July 20, 2020 as well as this update, Valkor would hold 17.54% of all issued and outstanding shares of Petroteq. The shares for debt transaction for the remaining debt of US$700,000 is subject to completion and execution of a debt conversion agreement and all necessary approvals.

To view the full press release, visit http://ibn.fm/fNTbG

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 MiningNewsWire

MiningNewsWire (MNW) is a specialized communications platform focused on developments and opportunities in the global resources sector. The company provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, and (5) a full array of corporate communications solutions. As a multifaceted organization with an extensive team of contributing journalists and writers, MNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, MNW brings its clients unparalleled visibility, recognition and brand awareness. MNW is where news, content and information converge.

To receive SMS text alerts from MiningNewsWire, text “BigHole” to 21000 (U.S. Mobile Phones Only)

For more information, please visit https://www.miningnewswire.com

Please see full terms of use and disclaimers on the MiningNewsWire website applicable to all content provided by MNW, wherever published or re-published: https://www.miningnewswire.com/Disclaimer

MiningNewsWire
Los Angeles, California
www.miningnewswire.com
310.299.1717 Office
Editor@MiningNewsWire.com

MiningNewsWire is part of the InvestorBrandNetwork.