PQEFF - InvestorNewsBreaks - Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF) Announces Receipt of Proof of Funds from Bidder
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, today announced that it has received proof of funds from the undisclosed bidder who was previously disclosed as being a client of Uppgard Konsult AB. According to the update, the confirmation was provided by the bidder indirectly through its Canadian legal counsel, Gowling WLG (Canada) LLP. The confirmation from The Royal Bank of Scotland contained a swift confirmation in the amount of €120.000.000. The company had requested confirmation of proof of funds as a condition to negotiating and executing a non-disclosure agreement with the bidder so that the bidder’s identity could be disclosed and the parties could discuss a potential transaction. Neither Uppgard Konsult AB nor the offeror has made any filings in relation to the offer under the ?Securities Exchange Act of 1934, as amended, or under applicable Canadian securities legislation.? Shareholders are encouraged to conduct their own due diligence prior to taking any action.
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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, visit www.Petroteq.energy.
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