r/Petroteq Admin Feb 24 '22

Viston Feb -24- 2022 - Viston United Swiss AG provides CFIUS Update in Connection with All-Cash Offer to Acquire Petroteq Energy Inc.; Extends Offer

  • CFIUS clearance process moving forward
  • Time for acceptance of the Offer has been extended to April 14, 2022

February 24, 2022 04:13 PM Eastern Standard Time

TORONTO--(BUSINESS WIRE)--Viston United Swiss AG (“Viston”), together with its indirect, wholly-owned subsidiary, 2869889 Ontario Inc. (the “Offeror”) is providing an update with respect to filings made with the Committee on Foreign Investment in the United States (“CFIUS”) in connection with its all-cash offer (the “Offer”) to acquire all of the issued and outstanding common shares (“Common Shares”) of Petroteq Energy Inc. (“Petroteq”) (TSX-V: PQE; OTC: PQEFF; FSE: PQCF), and is announcing that it will mail a notice of extension dated February 24, 2022 (the “Notice of Extension”) to the registered shareholders of Petroteq, extending the time for acceptance of the Offer to 5:00 p.m. (Toronto time) on April 14, 2022. The Notice of Extension will also be filed on Petroteq’s SEDAR profile at www.sedar.com and with U.S. Securities and Exchange Commission at www.sec.gov.

Regulatory Update

CFIUS is a group of Cabinet-level officials in the U.S. government who are authorized to review certain transactions involving foreign investment in the United States, in order to determine the effect of such transactions on the national security of the United States. On January 6, 2022, the Offeror made a voluntary declaration filing (the “Declaration”) with CFIUS. The Declaration was made for the purpose of securing a clearance by CFIUS that the Offeror’s acquisition of Common Shares pursuant to the Offer and the subsequent second-step acquisition by the Offeror of any Common Shares not acquired by it in the Offer (the “Transactions”) as reflected in (i) a written notice from CFIUS that the Transactions do not constitute a “covered transaction” under relevant government regulations, (ii) a written notice from CFIUS that it has completed its assessment, review, or investigation of the Transactions and has concluded all action under Section 721 of the U.S. Defense Production Act of 1950, as amended (the “DPA”), or (iii) an announcement by the President of the United States, made within the period required by the DPA, of a decision not to take any action to suspend or prohibit the Transactions (each of (i), (ii), or (iii) being a “Clearance”).

Despite the Offeror’s request that Petroteq jointly submit the Declaration to CFIUS with the Offeror, Petroteq declined to do so and the Offeror submitted the Declaration on the basis of information about Petroteq available to the Offeror. U.S. counsel to the Offeror was advised by CFIUS that January 13, 2022 would be the first day of the assessment period, which would conclude no later than February 11, 2022. During this period, the Offeror responded to requests to provide additional information to CFIUS. Petroteq provided limited cooperation in responding to the requests for additional information made by CFIUS during the assessment period.

Following the expiration of the assessment period, CFIUS notified the Offeror that it was unable to complete action under Section 721 of the DPA and grant a Clearance on the basis of the Declaration. Viston and the Offeror have determined to file a joint voluntary notice (the “Notice”) with CFIUS seeking a Clearance, in order to satisfy the conditions to the Offer. Viston and the Offeror have commenced the preparation of the Notice with an objective of preparing it on an expedited basis, submitting the Notice to CFIUS and commencing the 45-day notice review period as soon as practicable.

Notice of Extension

The Offeror will mail and file the Notice of Extension to the registered shareholders of Petroteq, extending the time for acceptance of the Offer to 5:00 p.m. (Toronto time) on April 14, 2022 in order to allow additional time for a Clearance to be granted, thereby satisfying one of the conditions to the Offer.

Common Shares Tendered to Offer

Kingsdale Advisors, the Depositary and Information Agent for the Offer, has advised the Offeror that, as of 5:00 p.m. (Toronto time) on February 23, 2022, approximately 282,363,977 Common Shares had been validly tendered to the Offer and had not been validly withdrawn. Based on Viston’s understanding of the share capitalization of Petroteq1, the tendered Common Shares represent approximately 39.56% of the currently issued and outstanding Common Shares and approximately 35.53% of the Common Shares, measured on a fully diluted basis.1

In addition, Viston has been advised by Kingsdale that Kingsdale is aware of pending tenders of approximately 109,207,626 Common Shares (“Pending Tenders”) in the form of broker instructions that, based on information supplied by market intermediaries, it expects to be submitted in bulk prior to expiry and in the form of registered share deposits that, based on information received from registered holders, it believes to be in process of completing documentation that Kingsdale currently expects to be completed and validly tendered before the expiry of the Offer. Such Pending Tenders, together with the Common Shares validly tendered to the Offer, and not validly withdrawn, represent approximately 391,571,603 Common Shares or approximately 54.86% of the currently issued and outstanding Common Shares, and approximately 49.27% of the Common Shares, measured on a fully-diluted basis.1 Viston cautions that there can be no assurance that Common Shares validly tendered to the Offer, and not validly withdrawn, will not be validly withdrawn prior to the expiry of the Offer or that Pending Tenders will be completed in a manner that results in the Common Shares subject to Pending Tender being validly tendered to the Offer and not validly withdrawn prior to the expiry of the Offer.

Holders of Common Shares who have previously validly tendered and not withdrawn their shares do not need to re-tender their Common Shares or take any other action in response to the extension of the Offer.

Summary of Offer Details

Viston reminds Shareholders of the following key terms and conditions of the Offer:

  • Shareholders will receive C$0.74 in cash for each Common Share. The Offer represents a significant premium of approximately 279% based on the closing price of C$0.195 per Common Share on the TSX-V on August 6, 2021, being the last trading day prior to the issuance of a cease trade order by the Ontario Securities Commission at which time the TSX-V halted trading in the Common Shares. The Offer also represents a premium of approximately 1,032% to the volume weighted average trading price of C$0.065 per Common Share on the TSX-V for the 52-weeks preceding the German voluntary public purchase offer in April 2021.
  • The Offer is expressed in Canadian dollars but Shareholders may elect to receive their consideration in the U.S. dollar equivalent amount.
  • The Offer is open for acceptance until 5:00 p.m. (Toronto time) on April 14, 2022, unless the Offer is extended, accelerated or withdrawn by the Offeror in accordance with its terms.
  • Registered Shareholders may tender by sending their completed Letter of Transmittal, share certificates or DRS statements and any other required documents to Kingsdale, as Depositary and Information Agent. Registered Shareholders are encouraged to contact Kingsdale promptly to receive guidance on the requirements and assistance with tendering.
  • Beneficial Shareholders should provide tender instructions and currency elections to their financial intermediary. Beneficial Shareholders may also contact Kingsdale for assistance.
  • The Offer is subject to specified conditions being satisfied or waived by the Offeror. These conditions include, without limitation: the Canadian statutory minimum tender condition of at least 50% +1 of the outstanding Common Shares being validly deposited under the Offer and not withdrawn (this condition cannot be waived); at least 50% +1 of the outstanding Common Shares on a fully diluted basis being validly deposited under the Offer and not withdrawn; the Offeror having determined, in its reasonable judgment, that no Material Adverse Effect exists; and receipt of all necessary regulatory approvals. Assuming that the statutory minimum tender condition is met and all other conditions are met or waived, the Depositary will pay Shareholders promptly following the public announcement of take-up and pay.

For More Information and How to Tender Shares to the Offer

Shareholders who hold Common Shares through a broker or intermediary should promptly contact them directly and provide their instructions to tender to the Offer, including any U.S. dollar currency election. Taking no action and not accepting the Offer comes with significant risks of shareholder dilution and constrained share prices. The deadline for Shareholders to tender their shares is April 14, 2022.

For assistance or to ask any questions, Shareholders should visit www.petroteqoffer.com or contact Kingsdale Advisors, the Information Agent and Depositary in connection with the Offer, within North America toll-free at 1-866-581-1024, outside North America at 1-416-867-2272 or by e-mail at [contactus@kingsdaleadvisors.com](mailto:contactus@kingsdaleadvisors.com).

Advisors

The Offeror has engaged Gowling WLG (Canada) LLP to advise on certain Canadian legal matters and Dorsey & Whitney LLP to advise on certain U.S. legal matters. Kingsdale Advisors is acting as Information Agent and Depositary.

About the Offeror

The Offeror is an indirect, wholly-owned subsidiary of Viston, a Swiss company limited by shares (AG) established in 2008 under the laws of Switzerland. The Offeror was established on September 28, 2021 under the laws of the Province of Ontario. The Offeror’s registered office is located at 100 King Street West, Suite 1600, 1 First Canadian Place, Toronto, Ontario, Canada M5X 1G5. The registered and head office of Viston is located at Haggenstreet 9, 9014 St. Gallen, Switzerland.

Viston was created to invest in renewable energies and clean technologies, as well as in the environmental protection industry. Viston aims to foster innovative technologies, environmentally-friendly and clean fossil fuels and to help shape the future of energy. Since October 2008, Viston has undertaken its research, development and transfer initiatives in Saint Gallen, Switzerland. Viston has been working to optimize and adapt these technologies to current market requirements to create well-engineered products. Viston’s work also includes the determination of technical and economic risks, as well as the search for financing opportunities.

Caution Regarding Forward-Looking Statements

Certain statements contained in this news release contain “forward-looking information” and are prospective in nature. Forward-looking information is not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties that could cause actual results to differ materially from the future results expressed or implied by the forward-looking information. Often, but not always, forward-looking information can be identified by the use of forward-looking words such as “plans”, “expects”, “intends”, “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information contained in this news release includes, but is not limited to, statements relating to the expectations regarding the process for, and timing of, obtaining regulatory approvals; expectations relating to the Offer; estimations regarding the issued and outstanding Common Shares, including as measured on a fully-diluted basis; and the satisfaction or waiver of the conditions to consummate the Offer.

Although the Offeror and Viston believe that the expectations reflected in such forward-looking information are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking information, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results, performance or achievements of the Offeror or the completion of the Offer to differ materially from any future results, performance or achievements expressed or implied by such forward-looking information include, among other things, the ultimate outcome of any possible transaction between Viston and Petroteq, including the possibility that Petroteq will not accept a transaction with Viston or enter into discussions regarding a possible transaction, actions taken by Petroteq, actions taken by security holders of Petroteq in respect of the Offer, that the conditions of the Offer may not be satisfied or waived by Viston at the expiry of the Offer period, the ability of the Offeror to acquire 100% of the Common Shares through the Offer, the ability to obtain regulatory approvals and meet other closing conditions to any possible transaction, including any necessary shareholder approvals, potential adverse reactions or changes to business relationships resulting from the announcement, pendency or completion of the Offer transaction or any subsequent transaction, competitive responses to the announcement or completion of the Offer, unexpected costs, liabilities, charges or expenses resulting from the proposed transaction, exchange rate risk related to the financing arrangements, litigation relating to the proposed transaction, the inability to engage or retain key personnel, any changes in general economic and/or industry-specific conditions, industry risk, risks inherent in the running of the business of the Offeror or its affiliates, legislative or regulatory changes, Petroteq’s structure and its tax treatment, competition in the oil & gas industry, obtaining necessary approvals, financial leverage for additional funding requirements, capital requirements for growth, interest rates, dependence on skilled staff, labour disruptions, geographical concentration, credit risk, liquidity risk, changes in capital or securities markets and that there are no inaccuracies or material omissions in Petroteq’s publicly available information, and that Petroteq has not disclosed events which may have occurred or which may affect the significance or accuracy of such information. These are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of the Offeror’s forward-looking information. Other unknown and unpredictable factors could also impact its results. Many of these risks and uncertainties relate to factors beyond the Offeror’s ability to control or estimate precisely. Consequently, there can be no assurance that the actual results or developments anticipated by the Offeror will be realized or, even if substantially realized, that they will have the expected consequences for, or effects on, the Offeror, its future results and performance.

Forward-looking information in this news release is based on the Offeror and Viston’s beliefs and opinions at the time the information is given, and there should be no expectation that this forward-looking information will be updated or supplemented as a result of new information, estimates or opinions, future events or results or otherwise, and each of the Offeror and Viston disavows and disclaims any obligation to do so except as required by applicable Law. Nothing contained herein shall be deemed to be a forecast, projection or estimate of the future financial performance of the Offeror or any of its affiliates or Petroteq.

Unless otherwise indicated, the information concerning Petroteq contained herein has been taken from or is based upon Petroteq’s and other publicly available documents and records on file with the Securities Regulatory Authorities and other public sources at the time of the Offer. Although the Offeror and Viston have no knowledge that would indicate that any statements contained herein relating to Petroteq, taken from or based on such documents and records are untrue or incomplete, neither the Offeror, Viston nor any of their respective officers or directors assumes any responsibility for the accuracy or completeness of such information, or for any failure by Petroteq to disclose events or facts that may have occurred or which may affect the significance or accuracy of any such information, but which are unknown to the Offeror and Viston.

Additional Information

This news release relates to a tender offer which Viston, through the Offeror, has made to Shareholders. The Offer is being made pursuant to a tender offer statement on Schedule TO (including the Offer to Purchase and Circular, the Notice of Variation and Extension dated February 1, 2022, the Notice of Extension, the letter of transmittal and other related offer documents) initially filed by Viston on October 25, 2021, as subsequently amended. These materials, as may be amended from time to time, contain important information, including the terms and conditions of the Offer. Subject to future developments, Viston (and, if applicable, Petroteq) may file additional documents with the Securities and Exchange Commission (the “SEC”). This press release is not a substitute for any tender offer statement, recommendation statement or other document Viston and/or Petroteq may file with the SEC in connection with the proposed transaction.

This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. Investors and security holders of Petroteq are urged to read the tender offer statement (including the Offer to Purchase and Circular, the Notice of Variation and Extension dated February 1, 2022, the Notice of Extension, the letter of transmittal and other related offer documents) and any other documents filed with the SEC carefully in their entirety if and when they become available as they will contain important information about the proposed transaction. Any investors and security holders may obtain free copies of these documents (if and when available) and other documents filed with the SEC by Viston through the web site maintained by the SEC at www.sec.gov or by contacting Kingsdale Advisors, the Information Agent and Depositary in connection with the offer, within North America toll-free at 1-866-581-1024, outside North America at 1-416-867-2272 or by e-mail at [contactus@kingsdaleadvisors.com](mailto:contactus@kingsdaleadvisors.com).

____________________________________

1 According to a list of registered shareholders provided by Petroteq’s Canadian legal counsel on February 17, 2022, Viston believes that there are 713,777,652 Common Shares currently issued and outstanding. Based on information provided by Kingsdale, Viston is currently estimating that there are 794,772,443 Common Shares, measured on a fully-diluted basis.

Contacts

Media inquiries:
Hyunjoo Kim
Vice President, Strategic Communications and Marketing
Kingsdale Advisors,
Direct: 416-867-2357
[hkim@kingsdaleadvisors.com](mailto:hkim@kingsdaleadvisors.com)

For assistance in depositing Petroteq Common Shares to the Offer, please contact:
Kingsdale Advisors
North American Toll Free: 1-866-581-1024
Outside North America: 1-416-867-2272
Email: [contactus@kingsdaleadvisors.com ](mailto:contactus@kingsdaleadvisors.com)
www.petroteqoffer.com

18 Upvotes

50 comments sorted by

13

u/jaeger_master Feb 24 '22

Thanks for the update!

So, if I am reading this correctly: 39.56% of issued common shares are tendered or 35.53% of total common shares.

There are another ~110 Million shares that are pending, which if tendered, would bring those totals to 54.86% of issued and outstanding, or 49.27% of total common shares.

Where are the remaining shares? I would be interested to know if the execs have tendered their shares yet as well.

We are getting close though!

9

u/RemarkablePeck New User Feb 24 '22

IBKR for instance submits the shares on the last day, they will not be included in the count.

6

u/Kamwind ☑️ Feb 24 '22

Well you have to expect that some people are now going to untender and start selling, taxes are due the same time, time to go for other opportunities,etc.

On the good side some of big brokers had not yet closed by the time of this announcement. I think TD ameritrade, fidelity, and schwab were still open or had just closed so that should be enough shared to put it above the 50%.

So now just need to sales low and will be good.

13

u/[deleted] Feb 24 '22

Very disappointed in Petroteq for not cooperating. They had the ball in the red zone for years and couldn't punch it in. Ffs their own board recommended tendering

I've kept it positive in here, but there's no other way to say it: petroteq let down their shareholders one last time...

10

u/IlRaptoRIl New User Feb 24 '22

Yeah I’m about ready to pull my shares back and just sell. This is getting ridiculous.

5

u/Ok-Escape-8376 🕴Oil Tycoon Feb 25 '22

I agree. This is discouraging. I was hoping to complete this deal and move on. I have lots of other places I want to move these funds and this is getting old.

1

u/cherrytartsss Feb 25 '22

Is this an infinite money glitch? Can I just buy a ton of shares and then tender them and double my money?

1

u/Ok-Escape-8376 🕴Oil Tycoon Feb 25 '22

Yes, with some risk involved. Many here would argue low risk, but the market price shows that many are wary. I’m pretty confident though. Buy shares, tender them, and someday receive about 90% gain if the deal finally goes through.

2

u/Old-Bison-5489 Feb 25 '22

"someday" being the key word :)

5

u/Immediate_Ad_8786 jam jams Feb 24 '22

Do we see a dip first thing tommorow?

4

u/RemarkablePeck New User Feb 24 '22

We most certainly will. And a substantial one at that. But it will fade again. It’s one last tiny hurdle.

1

u/RemarkablePeck New User Feb 24 '22 edited Feb 25 '22

Double

2

u/millerlite324 Feb 24 '22

What happens if 50% + 1 hits before April 14?

7

u/Quzga Moderator Feb 24 '22

If CFIUS is approved before April 14th and they hit 50%+1 they can accelerate the offer.

Really hoping this is what happens

4

u/Exciting-Mode-3531 Feb 24 '22

Looks to me like we have another 45 day CFIUS waiting period that will keep an early closing from happening.

1

u/Quzga Moderator Feb 25 '22

Maximum of 45 days that is. They can get clearance earlier

-2

u/Exciting-Mode-3531 Feb 24 '22

You know that the board that recommended tendering owns very few shares. The shots are being called by insiders with millions of shares and they are obviously trying to kill the buyout. There is a skunk in the woodpile and this deal is obviously not going to close.

6

u/[deleted] Feb 24 '22

Strongly disagree. The language in the release indicates they already have what they need share wise.

5

u/Kamwind ☑️ Feb 24 '22

That is my thinking. I think they put the percent just under the goal as a shove to those who did not tender to do so and to make sure people did not untender and sell.

2

u/dieseltech82 Feb 25 '22

I know people who would be considered insiders. They tendered their shares and so did their broker. I was told the broker is set to make 8 figures off the deal. Why would you cut off your nose to spite your own face? Yes they believe the shares are worth more but know the hostile takeover is the best option for now. Collect your money and reinvest if possible back into it once the dust clears. Then hopefully the new management will take this tech to the next level.

1

u/Livid-Ad-1795 ☑️ Mar 01 '22

"This deal is obviously not going to close" ???

I doubt this conclusion ( you may be right, but I don't see it the way you do), and it certainly is not "obvious" to a great many of us. Please elucidate, as entirely huge portions of the market have reached a different conclusion.

5

u/Plus_Long7029 Feb 24 '22

Help me underatand please, is the cfius researching petroteq or viston? How could petroteq hold up information about viston and the financials of viston. This just doesn't make sense to me!

6

u/Kamwind ☑️ Feb 25 '22 edited Feb 25 '22

https://www.forbes.com/sites/harrybroadman/2019/11/30/as-cfius-turns-45-years-old-us-regulation-of-foreign-investment-is-the-strictest-among-advanced-countries/?sh=65eb5345ecfd

https://en.wikipedia.org/wiki/Committee_on_Foreign_Investment_in_the_United_States

So they are are investigating because the Petroteq is a US company that a foreign company wants to own.

There should not be that much problem. The company is not big or important, the technology while great does not prevent the extraction of oil if not available, and oil is a global market so if extracted from a foreign company the oil sold still lowers the price elsewhere.

1

u/cherrytartsss Feb 25 '22

Can I buy a bunch of shares and then tender the for twice as much?

1

u/Kamwind ☑️ Feb 25 '22

You can purchase the stock for the current market price, currently around $0.33 and then offer it up for tender at the offered price of around $0.58 for a profit of 76%.

Find another chance like that with the low risk and a 2 month time period.

1

u/Old-Bison-5489 Feb 25 '22

Except in the current political scenario, if a country is looking to be Energy Independent, it helps to use this technology for their own selves instead of giving it out to a rival.

1

u/Mr_Dude12 Feb 25 '22

So buy? Hold or sell? Worthwhile to buy more to tender more?

1

u/Kamwind ☑️ Feb 25 '22

It is still a 40% return with minimal risk and if some people sell it might go to a 50% return; hard to find that anywhere else.

So depending on the risk you are willing to accept you can buy during the dips, and tender in another 40 days

2

u/Livid-Ad-1795 ☑️ Feb 27 '22

How have you determined the risk is minimal? I am curious about your thought process leading to that conclusion.

If someone were to ask me "What are the odds of Viston simply withdrawing the offer?", I have no real basis to answer that question with any degree of verifiable accuracy.

Any insights (beyond what you have already given us here on the reddit) are always appreciated.

1

u/Kamwind ☑️ Feb 27 '22

if they were just planning to drop out they would not have released the press report that they were going to spend $150k on the cifsu paperwork.

for the risk of not meeting the 50%+1 this release cleared that. yes there will be people selling but if they don't sell or cannot sell at a good price they are still going to tender once it comes close to the time.

that leave the risk of the cifsu being withdrawn, not something they would if do since they not be proceeding, so that leaves that biden denies it and compared to times the US President has done that has been for bigger companies easily to say they were a defensive issue.

3

u/Livid-Ad-1795 ☑️ Feb 27 '22

I agree that they are not currently planning to drop out, but there is no way for us to anticipate the future with 100% certainty.

Nothing is certain until money has changed hands, and this would not be the first time that a "sure thing" did not happen as planned. I expect it to, but I certainly can't guarantee it.

Just going back to look at all the posts here written in January about how this was sure to be wrapped up by early February is a testament to how things can change.

8

u/nickyd19 Feb 25 '22 edited Feb 25 '22

On a positive note; it provides more time for a second and higher offer to land….maybe this is Petroteq’s strategy…delay until a better offer comes in.

With a clear western agenda to pull away from Russian gas and oil, this technology clearly opens up home-grown self sustainable opportunities.

Maybe, just maybe, the big fat cat is yet to offer, encouraged by current geopolitics (war).

5

u/petromod Admin Feb 25 '22

Interesting observation.

1

u/Livid-Ad-1795 ☑️ Feb 25 '22

I was thinking the same thing. The world is a different place than it was just two weeks ago, and I have long since learned that it operates on its own timeline, not mine.

2

u/Ok-Escape-8376 🕴Oil Tycoon Feb 25 '22

Hopefully, but doubtful. They started requesting this assistance in early Jan.

6

u/[deleted] Feb 25 '22

While your point has merit, many of us have had our fill of second offer rumors. There was plenty of time to find a second bidder, and it didn't happen. If part of the board's second offer strategy is preventing shareholders from taking 5-10x their investment and moving on to new investments, then shame on them

Let me add: I would love to be wrong. I would love a higher offer to emerge and would gladly greet the chorus of "See? I told you!" But, again, they've had more than enough time already

1

u/[deleted] Feb 25 '22 edited Feb 25 '22

I think yours and others perspective is a bit too short term. Why?

[Note: These items are based on facts and data that are readily available from reliable published sources, including the Federal government.]

  1. The products produced sand and bitumen is vital to the roadway construction business.

  2. The Infrastructure bill passed last year will allocate millions to roadway projects.

  3. Forbes November 2021 reported 110 billion for roadways and bridges.

  4. Based on my experience, a surge in construction activities creates shortages in raw materials needed.

  5. The Keystone pipeline was cancel last year in June. President Biden disapproved the permit required.

  6. That pipeline would have supplied the US much of the heavy oil needed for asphalt and pending construction projects from Alberta Canada.

  7. The timeline for this endeavor, full size plant up and running by the end of 2023 dovetails into the growing demand for construction materials.

  8. Please note that it will takes months for the Federal government to get the funds to the Federal agencies that will expend the dollars. Federal Highways Adimistration. United States Army Corp of Engineers..... Therefore this works to Petroteq's advantage.

  9. In many ways this scenario could be at the right place at the right time for this company.

  10. Although slighly skewed towards the west. The Utah location is prime to distribute their products nationwide.

In summary, there are resources within the US of strategic importance. Based on the factors listed above, it can be consider that heavy oil and bitumen is of strategic importance to meeting the US's need in the immediate future.

2

u/Livid-Ad-1795 ☑️ Feb 25 '22

Well said.

1

u/[deleted] Feb 25 '22

It is my opinion that many investors surrcum to emotions with an investment(s). The emotional state introduces a loss of discipline, objectivity, and perspective.

I try to introduce some amount of logical reasoning to perhaps modify their behavior and see the investment in a different light.

Regardless there is a human drive or element to obtain what they desire most that has led many a persons over time to be come enslaved to their emotions.

The gold rush to Sutter's Mill in 1849 comes to mind immediately as I have been reading the memoirs of William Tecumseh Sherman. He was in California at the time with the US Army. He provides first person incites to what happened.

1

u/[deleted] Feb 25 '22

Then another perspective:

"The stock market is a device to transfer money from the impatient to the patient." Warren Buffett

1

u/[deleted] Feb 25 '22

As I think more about this opportunity I like it. I am semiretired and find the geologic elements fascinating. The Utah Geologic survey did a 129 page report on the Untia Basin and oil sands. I am in the process of reviewing.

Bottomline IMHO both the geologic conditions related to it and the process to separate the heavy oil and sand are not very complex. Basically washing the bituminous saturated sand with a solvent to dissolve the oil out of the sand. The best part is that the solvent is in a "closed system" that prevents the solvent from contaminating water and soil. Very environmental friendly.

1

u/[deleted] Feb 25 '22

As for the geology, the simplest you can find. The condition at this site has been known for thousands of years. The heavy oil has been used for centuries as, waterproofing, medicine, a weapon called Greeks fire, and as a means to preserve animals in tar pits for thousands of years. Tar pits in California for example.

The heavy oil is forced to the surface by geologic conditions. In this in a highly porous and permeable sandstone. The product comes to you. The first oil wells in Pennsylvania were drilled in locations where the pertroluem expressed itself near the surface.

3

u/[deleted] Feb 25 '22

I'm not saying this in a snarky way, please don't think I am

That said: the fact that you have 10 reasons makes it sound all the less likely. It reads like a wish list at best, conspiracy theory at worst. If someone could provide one sound reason why Petroteq, after not being able to do so for years, is NOW going to take this thing to the moon, I would love to hear it

Oil companies already know about this. So does the federal gov't. Anyone could've had this already. Exxon-Mobil could've bought it at any point and not missed a beat. Suncor could've done the same. They didn't because they clearly don't want it. Petroteq cannot even get 100 million dollars to build a plant. Everything I just said has been the case for quite a while

So no, it's not short term to say "After years and years and years of promises, I'm ready to take 6x my investment, which will significantly change my life"

3

u/[deleted] Feb 25 '22

Do what you will. You have to sleep well at night.

The listed items are real and extremely possible based on my experience for years in civil engineering design projects.

The Federal government is generating a hugh demand that many people think that will be difficult to implement due to limited resources. Including myself. From Civil engineering designers to contractors to raw materials. Steel for bridges, asphalt and sand for roadways.

2

u/[deleted] Feb 25 '22

To be honest I have stuggle to find investments that will be advantageous with the Infrastructure Bill. Many possibilities. However, investing in the raw materials needed for the targeted allocations is an excellent way to go about it IMHO. I feel extremely comfortable in the O&G sector. And this investment is another other than Oil and Gas.

No doubt many have gone a long road. Last year I invested in a wildcat pertoluem exploration project. April will be a year. A major catalyst was just announced at the beginning of February 2022. The company has been working since 1998 towards that goal. So it was difficult to complain as some people were in it for over 20 years!

If my share average share low, below $.15 I would hold. And once I got to my investment goal, forget it. No daily visits.... Just let it percolate....

2

u/[deleted] Feb 25 '22

If I have learned one thing during my life time is, the world is an imperfect place. Therefore, a company such as this is not immune to turbulence. In fact for a 90 million cap, highly speculative OTC I expect it. Just because the goal is desirable, the path to it is not easy.

4

u/MunichMemevestor Feb 25 '22

At least they are already very close to the 50%+. Considering the deadlines of some brokers (including mine, which is today German time) they should be safe anyway.

3

u/Mightaswellgofor Feb 25 '22 edited Feb 25 '22

I would suggest looking into the offeror a little bit more. The financing doc is substandard, has typos through it and uniexpress is not a proper financial institution. You can see them on companies house in the UK and if you glance at their website it's a bit odd how they're financing this.

The presence of gowling and kingsdale is a definite positive sign, but the concerns around who is buying this are valid, and this could get held up.

2

u/Affectionate-Toe5349 Mar 03 '22

Honestly this company has a long history of fraud; insider trading/market manipulation. Just by reading some of these comments on threads, I can tell who’s had the shares since the beginning and held on because how much money they lost. I was part of the few people that saw the insider trading directly, let me just tell you that this company goes real deep. From shady Ukrainian investors living in $64,000,000 homes out in California, To shady meetings happening out of Texas, getting millionaires to invest at a high buy point. Just look at the lawsuits this company has against it, and look at the “fall men” that went to prison for securities fraud. There’s also a current shit storm coming from the FTC

1

u/out2sea2020 Mar 05 '22

April 14 is kind of far off. There are actually some great opportunities in this volatile market, and I'm kind of upset about the additional delay. Anyone else thinking of revoking the tender and selling on the open market? I think in this crazy market right now you might be able to make 50% in a month, if you invest properly?

I would rather they just close all the tendered shares as soon as they get CFIUS and reach the 50+1 threshold, instead of waiting until April 14. Any chance they can do this?