Tomco Energy Share Discussion Threads

[ajj2003] 25/5/2021 22:55

Interesting post from LSE boardRE: SharesToday 20:49The offer ends on June 30th, 2021, 6:00 p.m.Valkor has entered into a new lease, effective from 1 July 2020 and for a term of 12 months, with the landlord of the POSP site?"Valkor has received a lot of interest in the Petroteq's technology," stated Steve Byle, CEO of ?Valkor,"

[ducky fuzz] 25/5/2021 16:37

Company Says The Mining Contractor Has Already Mobilized Equipment To Site; Expects That Mining Of Oil Sands Ore Will Begin This Week

SHERMAN OAKS, CA / ACCESSWIRE / December 14, 2020 / Petroteq Energy Inc. ("Petroteq" or the "Company") ‎‎(TSXV:PQE)‎(OTC PINK:PQEFF)(FSE:PQCF), an integrated oil ‎company focused on the development and implementation of its proprietary oil-‎extraction technologies, announced that work to upgrade the capacity and reliability of its oil sands plant at Asphalt Ridge (the "POSP") has been completed and commissioning of the POSP is now well underway. It is expected that commissioning activities will be completed this week after which it is planned to begin operating the POSP on a single day shift. Additional personnel will be trained during the initial operations and, assuming the plant operates as expected, it is anticipated that the POSP will move to a two-shift operation next year.

The Company has completed its evaluation of recently received mining quotations and has selected a mining contractor. The mining contract has been executed and the mining contractor has already begun mobilizing equipment to site. After initial work to prepare the site, it is expected that mining of oil sands ore will begin this week.

George Stapleton, Petroteq COO, commented: "We are pleased to have obtained a competitive proposal from a local, well established mining contractor who has already begun mobilizing equipment to the site to begin mining operations such that we should be able to restart the POSP and begin processing oil sands ore this week."

The Company also intends to complete two shares for debt transactions, pursuant to which it will issue an aggregate of 10,069,999 common shares in satisfaction of US$604,200 of indebtedness currently owed to two arm's length service providers. In addition, the Company intends to complete shares for debt transactions with its four directors, pursuant to which it will issue an aggregate of 3,959,498 common shares in satisfaction of US$277,165 of accrued and unpaid director fees owed to such directors to November 30, 2020.

The Company determined (with the creditors' consent) to satisfy the foregoing 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. The transactions are subject to completion and execution of definitive agreements and all necessary approvals, including from the TSX Venture Exchange (the "Exchange"). The securities issuable pursuant to the transactions will be issued in reliance on exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and applicable state securities laws, and will be issued as "restricted securities" (as defined in Rule 144 under the U.S. Securities Act). In addition, such securities will be subject to a Canadian four-month hold period, and in the case of the shares issuable to the directors, an Exchange four-month hold period as well.

The shares for debt transactions with the four directors (Messrs Blyumkin, Bailey, Dennewald and Fuller) are each a "related party transaction" as defined under Multilateral Instrument 61-101 ‎‎("MI 61-101"). The transactions are exempt from the formal valuation requirements of MI 61-101 since none ‎of the securities of the Company are listed on a stock exchange specified in section 5.5(b) thereof. The proposed transactions are exempt ‎from the minority shareholder approval requirements of MI 61-101 since, at the time the transactions were 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.̴6;

Pursuant to a request from the TSX Venture Exchange, the Company also clarifies that the US$500,000 principal amount convertible note issued by the Company that was announced on November 11, 2020, has a maturity date of August 6, 2021 and has a fixed total rate of interest of 15.75% (annual rate of 21.0%), payable monthly. The net proceeds will be used by the Company on its extraction technology and for working capital.‎

[ducky fuzz] 25/5/2021 16:35

SHERMAN OAKS, CA / ACCESSWIRE / May 24, 2021 / Petroteq Energy Inc. ("Petroteq" or the "Company") (TSXV:PQE)(OTC:PQEFF)(FSE:PQCF), clean technology company focused on the development and implementation of its proprietary oil-‎extraction and remediation technologies, announces that on May 19, 2021, Petroteq received emails from several European shareholders advising the Company that their brokers had informed them they had received what appeared to be an offer to purchase shares of Petroteq. In addition to being advised of this offer, the Company was directed to Bundesanzeiger, an official publication of the Department of Justice and Consumer Protection, of the Federal Republic of Germany. The link provided as: Upon clicking on the link and searching the word "Petroteq" two search results appear. If "Uppgard Consult AB Krylbo" is selected, the purported offer can be reviewed in the German language. The notice indicates, among other things, that the offer is not aimed at shareholders in any jurisdiction in which the offer would violate applicable law.

After reviewing all available information, the Company's management notified its board of directors which directed management to contact the Uppgard Konsult AB, Sweden, the party identified in Bundesanzeiger, to request additional information about the proposed offer. Upon doing so, Uppgard Konsult AB provided limited responses to the Company's questions and confirmed that they are acting on behalf of an unidentified third party. Uppgard Konsult AB indicated that they had a mandate to complete the purchases disclosed in the offer. Uppgard Konsult AB did not disclose who the offeror is but indicated that the offeror intended to issue a press release in due course.

The Company did not have prior knowledge of this offer, nor can it comment on the legitimacy or legal ‎compliance of the offer. The Company only became aware of it upon being notified by several shareholders.‎ Neither Uppgard Konsult AB nor the offer has made any filings in relation to the offer under the Securities Exchange Act of 1934, as amended, or under applicable Canadian securities legislation.

Shareholders are encouraged to do their own due diligence prior to taking any action.‎

[ducky fuzz] 25/5/2021 16:32

Anyone know what the bid for PQE would be worth.

[rmart] 25/5/2021 16:31

nope, I dont see this BOD capable of getting a tweet out so how they are going to do Actual Business I have no idea.

[vauch] 25/5/2021 16:28

7p a share

[vauch] 25/5/2021 16:28

Rmart do you see us getting an offer at 14x current SP

[rmart] 25/5/2021 16:27

so pleasing to see all of Tomco's hard work with Valkor encouraging a buyer to want 43% of Petroteq at a massive premium whilst for their own shareholders the acheive absolute zero!

Not a word.

[ducky fuzz] 25/5/2021 16:14

PQE up 70%

[ducky fuzz] 25/5/2021 16:11

I think Petroteq has been servicing its debt by issuing shares.

I'm sure I read Valkor owns a big chunk.

[rmart] 25/5/2021 15:16

And Tommy does nothing! Incredible

[vauch] 25/5/2021 15:13

Wow! PQE on fire

[rmart] 25/5/2021 15:03

Something def going on it’s racing, Tom should follow hopefully

[canny lass] 25/5/2021 15:03

Went as high as $0.12 to buy.

[canny lass] 25/5/2021 15:01

PQE up 120 percent on TMX Platform.

[busamitch] 25/5/2021 14:31

Pqe up 30%

[ajj2003] 25/5/2021 13:49

Question is if it is not SB/Valkor, will they be forced into making a move to ensure smooth progress going forward?

[hotfinance14] 25/5/2021 13:43

I can't see it being SB as why would the bid (if true) come via Sweden.

[vauch] 25/5/2021 13:31

Thanks for the thoughts

[rmart] 25/5/2021 13:28

It depends on Petroteq debt. If we assume it is to cost $150m to build our own plant and Valkor/Sb/greenfield cAn take out Petroteq on the cheap and the debt is less than the cost to build our own plant then it’s good idea as we save a lot of time.

[ajj2003] 25/5/2021 13:17

It makes sense for it to be someone close to the action as updated details have not been released publicly yet. Either that or Petroteq have a leak ?

[vauch] 25/5/2021 13:11

What do you think Rmart of Ducky's idea

[vauch] 25/5/2021 13:05

I like it Ducky

[vauch] 25/5/2021 13:05

Purchase the up and running plant to fund expansion of 5000 plant also then own the rights to any future plant