Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF) today provided an update regarding its application for reinstatement of its common shares on the TSX Venture Exchange. By way of background, the Ontario Securities Commission (“OSC”) issued an Aug. 6, 2021, cease trade order due to the company’s failure to file its quarterly report on Form 10-Q (and related certifications) for the period ended May 31, 2021 (“2021 Q3 Filings”) on or before July 30, 2021. As previously disclosed, the OSC revoked its cease trade order effective Aug. 24, 2021. Petroteq filed the 2021 Q3 Filings on SEDAR and with the United States Securities and Exchange Commission (“SEC”) on Aug. 19, 2021. And, in addition, filed its amended financial statements and management’s discussion and analysis for the eight quarters from May 31, 2019, to Feb. 28, 2021, on SEDAR and with the SEC. The company’s amended financial statements and management discussion and analysis for the period ended Feb. 28, 2019, were filed on SEDAR on Aug. 23, 2021, and with the SEC on Aug. 25, 2021. As part of the exchange’s review of the company’s reinstatement application, the exchange reviewed the financial statements for the three and nine months ended May 31, 2021, and raised concerns over unapproved filings. Per an internal investigation, the company identified transactions reported on SEDAR and EDGAR that had not been submitted for approval by the Toronto Stock Exchange. The update further describes common shares totaling 54,370,814 that were issued as a result of the transactions. While some of the common shares are estimated to have been issued at prices above what the exchange would have otherwise approved, others are estimated to have been issued at share prices below what the exchange generally approves for convertible securities. The company is now making the necessary submissions with the exchange for the transactions. However, they may not all be accepted for approval by the exchange and, as a condition of reinstatement to trading, the company may need to take remedial action to bring the transactions into compliance.
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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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