Petroteq Energy Inc (PQEFF)

[Drugdoctor]

Financings at .05 with stock at .0163??? Hmmmm

Petroteq Closes Non-Brokered Private Placement
Newsfile Corp.
Newsfile Corp
Toronto, Ontario, and Los Angeles, California--(Newsfile Corp. - November 11, 2022) - Petroteq Energy Inc. (TSXV: PQE) ("PQE", or the "Company), an oil company focused on the development and implementation of its proprietary oil sands extraction and remediation technologies, is pleased to announce that it has closed a non-brokered private placement (the "Private Placement") of 2,200,000 units of the company (each, a "Unit") at a price of C$0.05 per Unit, for aggregate gross proceeds to the Company C$110,000.

Each Unit issued in the Private Placement consisted of one common share in the capital of the Company (a "Common Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant", and together with the Common Shares, the "Securities"). Each Warrant is exercisable into one Common Share at a price of C$0.05 per Common Share until November 11, 2024. All of the Securities issued pursuant to the Private Placement are subject to a four month and one day hold period in accordance with applicable Canadian securities laws.

The Company intends to use the net proceeds from the Private Placement to fund ongoing operations, general and administrative expenses.

The Company would like to clarify that pursuant to a press release dated September 30, 2022, the amount of debt to be settled pursuant to the debt settlement transactions is expected to be C$4,916,659.05 and not C$5,042,842.

CONTACT INFORMATION

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