More Petroteq news18 Aug 2018 03:42
Petroteq Energy Inc. (the “Companyâ€) (TSXV:PQE; OTC:PQEFF; FSE: PQCF), a fully integrated oil and gas company, announces the receipt of irrevocable subscriptions from 35 arm’s length parties for an aggregate of 5,922,849 common shares at prices ranging from US$0.70 to US$0.81, and 1,906,110 common share purchase warrants, for gross proceeds of an aggregate US$4,412,030. Each warrant shall entitle the holder to acquire one common share of the Company at exercise prices ranging from US$0.94 to US$1.50 per common share expiring 24 months from the date of issuance. In addition, the Company is negotiating definitive terms with an arm’s length lender for the proposed issuance of (i) a US$3,300,000 principal amount (including an original issue discount of 10%) secured convertible debenture, and (ii) an up to US$9,500,000 draw down unsecured non-convertible debenture.