As of the previous close, Petroteq Energy Inc (OTC-PQEFF) stock showed a 13.70% jump to $0.0830. There was a trade of more than 3.00M shares of PQEFF stock compared to an average monthly volume of 2.4M shares. PQEFF stock performance over the week was -0.36% compared to its monthly performance of -40.71%. In response to a company update, PQEFF’s stock surged.
What has PQEFF accomplished?
Petroteq is a clean technology company focused on developing, implementing and licensing a patented, low-impact, and environmentally responsible way to extract and refine heavy oil from oil sands and mineable deposits. In addition to high-quality oil, PQEFF’s versatile technology results in clean sand and an oil deposit with features that are both capable of working in a wet environment.
With Petroteq’s technology, crude oil can be produced from deposits of oil sands at Asphalt Ridge without using water, and therefore without generating wastewater that will otherwise have to be treated or disposed of in environmentally harmful ways.
It was announced yesterday by Petroteq that it had signed a confidentiality agreement with the third party who had previously been revealed to be a client of Uppgard Konsult AB.
- Petroteq (PQEFF) previously announced receiving proof of funds from an undisclosed bidder who was previously disclosed as a client of Uppgard Konsult AB.
- The bidder provided the confirmation indirectly through Gowling WLG (Canada) LLP.
- As a result of this message, PQEFF received a swift confirmation to the tune of €120,000,000 from the Royal Bank of Scotland.
- In order to negotiate and execute a nondisclosure agreement with the bidder, PQEFF required proof of funds, so the identity of the bidder could be disclosed to the Company, and a potential transaction could be discussed.
- There have been no filings made by Uppgard Konsult AB or the offerer under the Securities Exchange Act of 1934, as amended or applicable Canadian securities legislation with respect to the offer at the time.
How PQEFF will proceed with the agreement?
The confidentiality agreements are meant to allow Petroteq (PQEFF) to find out who the third party is and what their intentions are and to allow the parties to discuss a potential transaction. A third-party transaction cannot be assured by PQEFF whether it will in fact be made or completed. A potential transaction would also be subject to approvals from the regulators as well as PQEFF management and shareholders.