Petroteq Energy Inc. has confirmed its willingness to assist Viston United Swiss AG with CFIUS filings regarding a tender offer by 869889 Ontario Inc. to purchase all shares of Petroteq. The offer, initially set to expire, has now been extended to April 14, 2022. Petroteq focuses on sustainable oil extraction technologies, capable of producing high-quality crude oil from oil sands at Asphalt Ridge without water or wastewater. Shareholders are encouraged to read the relevant filings with Canadian regulators and the SEC for important information.
Viston United Swiss AG and its subsidiary, 2869889 Ontario Inc., have extended their all-cash tender offer to acquire Petroteq Energy Inc. (TSX-V: PQE; OTC: PQEFF) until April 14, 2022. This extension is partly due to the ongoing CFIUS clearance process, which assesses foreign investments for national security. As of February 23, 2022, approximately 282,363,977 Common Shares (39.56% of outstanding shares) have been tendered, with an additional 109,207,626 shares expected. Shareholders will receive C$0.74 per share, representing a significant premium of 279% over the last trading price before the cease trade order.
Petroteq Energy Inc. (PQEFF) announced an economic evaluation of sands produced as by-products from oil extraction at Asphalt Ridge NW Leases in Utah. The report, dated February 10, 2022, estimates that a planned extraction plant could yield up to 6,000 tons of sand daily, potentially generating a net present value of $1.285 billion over 20 years based on a $40 per ton selling price. The sands can be utilized for various markets including silica flour and fracking sand. However, the report notes the economic potential might not be fully realized due to market factors and uncertainties in production.
Petroteq Energy has engaged Peak Value IP, LLC to conduct a third-party valuation of its proprietary Clean Oil Recovery Technology (CORT). This environmentally friendly technology allows for oil extraction from sands without water use. The valuation report estimates the fair market value of CORT between $229 million and $326 million, with an investment value ranging from $598 million to $850 million. The proposed facility in Utah is expected to produce 5,000 barrels per day and the technology leaves behind clean residual sand, enhancing its economic potential.
Petroteq Energy Inc. has announced the closing of a US$750,000 subscription for 6,250,000 units at a price of US$0.12 each. Each unit comprises one share and a warrant, allowing for the purchase of additional shares at US$0.128 for 24 months. Proceeds will support extraction technology operations in Asphalt Ridge, Utah. Notably, the securities are restricted and have not been registered under U.S. securities law, and are subject to a Canadian hold period.
Petroteq Energy Inc. (PQEFF) announced progress on a premium cash Offer from Viston Swiss United AG, with a total of 420,000,000 EUR held in trust for shareholders. The Offer, which expires on February 28, 2022, provides a 279% premium to recent stock prices. Viston achieved key regulatory milestones allowing the Offer to proceed, including the expiration of the waiting period under the Hart-Scott-Rodino Act and the Investment Canada Act review. Petroteq's Board unanimously recommends shareholders tender their shares to the Offer.
Viston United Swiss AG has announced progress on its premium cash offer to acquire Petroteq Energy Inc. The Hart-Scott-Rodino Act waiting period expired on February 4, 2022, a key regulatory milestone, alongside the lapse of the Investment Canada Act review period on February 3, 2022. Viston's cash offer of $0.74 per share represents a 279% premium to Petroteq's previous closing price. Petroteq's Board of Directors has unanimously recommended that shareholders tender their shares before the February 28, 2022 deadline.
Viston United Swiss AG and its subsidiary have extended their all-cash offer for Petroteq Energy Inc. (TSX-V: PQE; OTC: PQEFF) until February 28, 2022. The offer, which provides C$0.74 per common share, represents a significant premium of approximately 279% compared to the closing price on August 6, 2021. The completion of the offer is contingent on obtaining necessary regulatory approvals, including clearance under the Investment Canada Act and the U.S. Hart-Scott-Rodino Act. Petroteq's board of directors has unanimously recommended shareholders tender their shares.
Petroteq Energy Inc. (OTC PINK:PQEFF) has announced that its entire Board of Directors intends to tender their shares to Viston United Swiss AG through its subsidiary 2869889 Ontario Inc. This follows the Board's earlier recommendation to shareholders, backed by advisory from Haywood Securities, to accept the Viston Tender Offer. The deadline for tendering shares is set for February 7, 2022. Petroteq emphasizes the potential of its proprietary oil extraction technology and encourages shareholders to review the offering documents for detailed information and risks.
Petroteq Energy Inc. has announced key changes in its management team, effective January 25, 2022. Michael Hopkinson and Robert Chenery join the board of directors, while Vladimir Podlipsky steps in as Interim CEO and Hopkinson becomes CFO. R G Bailey has retired from his CEO role but will serve as a consultant. Ron Cook also resigns as CFO but will continue assisting in accounting. The company is optimistic about reinstating trading with the TSX Venture Exchange, addressing outstanding concerns.