- Petroteq (PQE) has engaged Meadowbank Asset Management for an C$18.07 million brokered financing
- The company will use the proceeds for working capital and to upgrade, improve and commercialize its 500 bopd pilot plant in Utah
- CEO Ron Miles believes the company can become profitable at current oil prices once the plant becomes fully operational
- Petroteq is a clean technology company focused on extracting heavy oil and bitumen from oil sands and mineable oil deposits
- Petroteq Energy (PQE) closed unchanged, trading at $0.03 per share
Petroteq (PQE) has engaged Meadowbank Asset Management for an C$18.07 million brokered financing.
The best-efforts financing will offer units priced at C$0.05 for aggregate gross proceeds of up to C$18.07 million.
Each unit is comprised of one common share and one common share purchase warrant.
Each warrant can be exercised to purchase one common share priced at C$0.10 for 24 months from closing.
The company will use the proceeds for working capital and to upgrade, improve and commercialize its 500 bopd pilot plant in Utah.
The offering is scheduled to close on or about November 30, 2022.
“Our Clean Oil Recovery Technology is a unique flow-through process and is less complex compared to Canadian oil sands, which are saturated in water,” stated Ron Miles, Petroteq’s CEO. “We believe our pilot plant has provided a full proof of concept in basically every aspect of the initial trial phase, thus giving us a detailed scope to scale up to full-scale commercial operations.”
“With today’s oil price hovering around US$90 per barrel, I believe we should be able to produce oil and become profitable once our commercial plant becomes fully operational. Based on several engineering reports and economic evaluation models, it may be possible to achieve an annual EBITDA ranging between C$10 and C$13 million dollars,” he added.
Petroteq is a clean technology company focused on extracting heavy oil and bitumen from oil sands and mineable oil deposits. The company’s process aims to leave only clean residual sand that can be sold or returned to the environment.
Petroteq Energy (PQE) closed unchanged, trading at $0.03 per share.
