Post by
deepoil0808 on Aug 27, 2022 8:24am
PQE did not sollicit $900K, they RECEIVED NEW SUBSCRIPTION
VISTON decided that it would begin the oil sands project in Utah and must have provided instructions to PQE to this effect as to not delay any longer.
If you notice the words in the news release, it states:
IT HAS RECEIVED AN IRREOVCABLE SUBSCRIPTION AGREEMENT AND FUNDS FROM AN ARMS LENGTH SUBSCRIBER......TO BE USED ON THE EXTRACT TECHNOLOGY IN ASPHALT RIDGE.
The press release does not say that PQE sollicited funds nor that it is a PP.
It states that they RECEIVED this....
So Viston approached PQE with instructions that go something like this, we will close out the buyout on September 9th so lets begin operations on the Asphalt Ridge in Utah, we will provide you with $ 900,000 in cash to start the operations. We will sign an irrevocable subscription agreement. Also cancel out the Cancel debt and issue shares to him as we do not want any debt on the books when we get the financing from Uniexpress.
HERMAN OAKS, CA / ACCESSWIRE / August 26, 2022 / Petroteq Energy Inc. ("Petroteq" or the "Company") (TSXV:PQE); (OTC PINK:PQEFF); (FSE:PQCF), an oil company focused on the development and implementation of its proprietary oil-extraction and remediation technologies, is pleased to announce that it has received an irrevocable subscription agreement and funds from an arm's length subscriber for gross proceeds of US$900,000 for 4,390,243 units of Petroteq (each, a "Unit") at a price of US$0.205 per Unit. Each Unit shall consist of one common share of the Company (a "Common Share") and one-half of one transferable share purchase warrant (each whole warrant, a "Warrant"), with each Warrant entitling the holder to acquire one Common Share at a price of US$0.27 per share for a period of 24 months. The net proceeds will be used by Petroteq on its extraction technology in Asphalt Ridge, Utah, and for working capital purposes.
My personal opinion,