Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF) is an oil company focused on the development and implementation of its proprietary oil-extraction and remediation technologies. The company today announced that one of its largest shareholders, Cantone Asset Management LLC and its affiliates, has tendered more than 100,000,000 shares in a takeover-bid from Viston Swiss United AG. In addition, Petroteq announced the issuance to Cantone Asset Management LLC of a US$300,000 principal amount convertible debenture of the company, and 2,500,000 transferable common share purchase warrants, per an irrevocable subscription the company originally announced on July 13, 2021. The delay in closing was a result of the company waiting for the required approval of the TSX Venture Exchange, which included a condition that the dealer compensation of options to purchase 625,000 common shares of the company does not proceed. According to the update, this closing transaction will not change number of issued and outstanding shares of the company on a fully diluted basis. The tender offer by 869889 Ontario Inc. (the “offeror”), an indirect wholly-owned subsidiary of Viston United Swiss AG, to purchase all of the issued and outstanding common shares of Petroteq, remains open for acceptance until 5:00 p.m. (Toronto time) on April 14, 2022, unless the offeror further extends, accelerates or withdraws the offer in accordance with its terms.
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About Petroteq Energy Inc.
Petroteq is a clean technology company focused on the development, implementation and licensing of a patented, environmentally safe and sustainable technology for the extraction and reclamation of heavy oil and bitumen from oil sands and mineable oil deposits. The versatile technology can be applied to both water-wet deposits and oil-wet deposits — outputting high-quality oil and clean sand. Petroteq believes that its technology can produce a relatively sweet heavy crude oil from deposits of oil sands at Asphalt Ridge without requiring the use of water and, therefore, without generating wastewater, which would otherwise require the use of other treatment or disposal facilities that could be harmful to the environment. Petroteq’s process is intended to be a more environmentally friendly extraction technology that leaves clean residual sand that can be sold or returned to the environment, without the use of tailings ponds or further remediation. For more information about the company, visit www.Petroteq.energy.
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