Petroteq Energy Announces Private Placement Of Shares For US$0.02 Million

Published: Jul 11 2017
Deal Summary

Petroteq Energy Inc. (formerly MCW Energy Group Limited), a company focused in the development of environment friendly oil sands extraction technologies, as well as in the exploration and production of oil and gas, agreed to issue 58,593 common shares, at a price of US$0.25 per share, for gross proceeds of US$0.02 million (MM), in a non-brokered private placement.

The shares will be issued upon receipt of approval from the TSX Venture Exchange, subject to a four month hold period from the date of issuance. The shares will be subscribed to by Robert Dennewald, an independent director of Petroteq Energy.

The company intends to use the net proceeds from the offering for general corporate and working capital purposes.

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