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STUDIO CITY, CALIFORNIA--(Marketwired - Aug. 18, 2017) - Petroteq Energy Inc. (the "Company") (TSX VENTURE:PQE)(OTCQX:PQEFF), a company focused on the development and implementation of proprietary technologies for the environmentally safe extraction of heavy oils from oil sands, oil shale deposits and shallow oil deposits, announces that it has entered into a shares for debt agreement, pursuant to which it will issue 320,000 common shares in satisfaction of US$99,840 of indebtedness currently owed to an arm's length service provider. The Company determined to satisfy the indebtedness with common shares in order to preserve its cash for use on its extraction technology, and for working capital. The shares will be issued upon acceptance by the TSX Venture Exchange and approval by the directors of the Company. The common shares issued in satisfaction of the indebtedness will be subject to a four month hold period from the date of issuance. |
