Attis Oil and Gas Ltd Update on Investee Company: Petroteq (6599M)
September 17 2019 - 10:23AM
UK Regulatory
TIDMAOGL
RNS Number : 6599M
Attis Oil and Gas Ltd
17 September 2019
Attis Oil and Gas Ltd / Index: AIM / Epic: AOGL / ISIN:
VGG0620A1003 / Sector: Oil and Gas
17 September 2019
Attis Oil and Gas Ltd ("Attis" or "the Company")
Update on Investee Company Petroteq
Attis Oil and Gas Ltd (AIM: AOGL), the AIM listed oil and gas
company, notes the following update from TSX listed Petroteq Energy
Inc regarding the Asphalt Ridge heavy oil sands project, Utah.
Attis currently holds 1,035,233 shares in Petroteq Energy Inc. with
an associated 1,035,233 3-year warrants at USD $0.90.
Full Text of Petroteq's Release:
PETROTEQ ANNOUNCES COMMISSIONING OF ASPHALT RIDGE FACILITY
Petroteq Energy Inc. ("Petroteq" or the "Company") (TSXV:PQE;
OTC:PQEFF; FSE: PQCF), a fully integrated surface oil sands mining
oil company with proprietary technology , announces that the
Company's field operations and engineering staff have initiated the
commissioning processes and sequences for the new equipment as
final connections to the new heated augers, and mixer tank material
tie-ins to the pre-oil tank on the sand separation equipment have
been completed. The Company will issue a press release once
commissioning has been completed and the facility starts processing
oil sands ore to achieve sales of oil production at its Asphalt
Ridge facility.
The Company also announces it has received irrevocable
subscriptions for 6,091,336 common shares of the Company at US$0.13
per share for gross proceeds of US$791,874 (including $90,500 from
Alex Blyumkin, the Executive Chairman and a director of the
Company). The net proceeds will be used by the Company on its
extraction technology in Asphalt Ridge, Utah, and for working
capital. The financing is subject to TSXV approval and all shares
issued will be subject to a four-month hold period. The
subscription by Mr. Blyumkin is a "related party transaction" as
defined under Multilateral Instrument 61- 101 ("MI 61-101"). The
transaction is exempt from the formal valuation approval
requirements of MI 61-101 since none of the securities of the
Company are listed on a prescribed stock exchange. The proposed
transaction is exempt from the minority shareholder approval
requirements of MI 61-101 since, at the time the transaction was
agreed to, neither the fair market value of the transaction nor the
fair market value of the consideration for the transaction, insofar
as it involves interested parties, exceeded 25% of the Company's
market capitalization.
In addition, the Company intends to complete shares for debt
transactions, pursuant to which it will issue an aggregate of
1,290,000 common shares in satisfaction of US$461,000 of
indebtedness (250,000 shares at a deemed price of US$0.27 per
share, 250,000 shares at a deemed price of US$0.33 per share,
250,000 shares at a deemed price of US$0.39 per share and 540,000
shares at a deemed price of US$0.40 per share) currently owed to
seven arm's length parties. The Company determined to satisfy the
indebtedness with common shares in order to preserve the Company's
cash for use on its extraction technology in Asphalt Ridge, Utah,
and for working capital. All shares issued pursuant to the shares
for debt transactions are subject to TSXV approval and will be
subject to a four-month hold period.
The Company also announces a proposed private placement of up to
US$3,000,000 at no less than US$0.18 per share and including
warrants exercisable for up to 16,666,666 common shares exercisable
at no less than US$0.23 per share for up to 24 months. The private
placement is subject to TSXV approval and all shares issued will be
subject to a four-month hold period.
About Petroteq Energy Inc.
Petroteq is a fully integrated oil and gas company focused on
the development and implementation of a new proprietary technology
for oil extraction. The Company has an environmentally safe and
sustainable technology for the extraction of heavy and bitumen from
oil sands, oil shale deposits and shallow oil deposits. Petroteq is
engaged in the development and implementation of its patented
environmentally friendly heavy oil processing and extraction
technologies. Our proprietary process produces zero greenhouse gas,
zero waste and requires no high temperatures. Petroteq is currently
focused on developing its oil sands resources and expanding
production capacity at its Asphalt Ridge heavy oil extraction and
processing facility located near Vernal, Utah.
For more information, visit www.petroteq.energy
**ENDS**
For further information visit www.attisog.com or contact the
following:
Charlie Wood Attis Oil and Gas Ltd +44 20 7236 1177
Roland Cornish Beaumont Cornish Ltd +44 20 7628 3396
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James Biddle Beaumont Cornish Ltd +44 20 7628 3396
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Frank Buhagiar St Brides Partners Limited +44 20 7236 1177
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Gaby Jenner St Brides Partners Limited +44 20 7236 1177
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Colin Rowbury Novum Securities Limited +44 20 7399 9400
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Notes:
Attis Oil and Gas Ltd is an AIM-traded (London Stock Exchange)
North American-based energy company. It is actively pursuing a
primary recovery oil strategy focused on re-stimulating wells
within mature producing basins with immediate cash flow from
projects that are shallow, low risk with low levels of capex and
infrastructure already in place. Attis is also seeking to develop
new drill opportunities within both existing & new acreage.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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