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| Home : Petroteq Energy Inc. Announces Shares for Debt Transactions |
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May 20
2017 |
Petroteq Energy Inc. Announces Shares for Debt Transactions |
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TORONTO, ONTARIO--(Marketwired - May 19, 2017) - Petroteq Energy Inc. (formerly MCW Energy Group Limited) (the "Company") (TSX VENTURE:PQE)(OTCQX:MCWED), an oil sands technology and oil and gas exploration company, announces it has entered into shares for debt agreements, pursuant to which the Company will issue 31,083,287 common shares in satisfaction of US$12,189,956.47 of indebtedness currently owed to twenty creditors. The Company determined to satisfy the indebtedness with common shares in order to preserve its cash for use on its extraction and heavy oil technologies, 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. |
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| Source:http://www.marketwired.com/mw/release.do?id=2217603&sourceType=3 |
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