Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF), an oil company focused on the development and implementation of its proprietary oil-extraction and remediation technologies, has announced the closing of the US$750,000 subscription for 6,250,000 units of Petroteq, each at a price of US$0.12, which the company originally announced on Aug. 4, 2021. According to the update, each unit consists of one common share of the company, and one transferable share purchase warrant, with each warrant entitling the holder thereof to acquire one additional common share of the company, each at a price of US$0.128, for 24 months. Originally announced to be exercisable at US$0.12, the warrant was amended to US$0.128. Petroteq intends to use the net proceeds on its extraction technology in Asphalt Ridge, Utah, as well as for working capital.
In addition, Petroteq today announced that it retained Peak Value IP LLC to provide a third party valuation of its Clean Oil Recovery Technology (“CORT”), the proprietary intellectual property (“IP”) behind Petroteq’s oil sands extraction process. Considered an environmentally safe, sustainable and “clean technology,” CORT is applicable to both “water-wet” (Canada) and “hydrocarbon wet” (Utah) oils sands sediments, deposits and materials. Peak Value IP’s valuation study of Petroteq’s CORT indicated a fair market value (“FMV”) ranging from $229 to $326 million, with the analysis of investment value (“IV”) ranging from $598 to $850 million. “The Peak Value IP report re-affirms to our shareholders the substantial value of the company’s underlying assets and intellectual property rights,” said Petroteq’s CTO and interim CEO Dr. Vladimir Podlipsky. “Our commercial opportunity is supported by volumes of data and should provide a commercial viability to financial parties to advance.”
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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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