Petroteq Energy Inc. announced a private placement of 4,390,243 units at a price of $0.205 per unit for gross proceeds of $900,000 on August 26, 2022. Each unit shall consist of one common share of the company and one-half of one transferable share purchase warrant with each warrant entitling the holder to acquire one common share at a price of $0.27 per share for a period of 24 months. The transaction is subject to approval of the directors of the company and regulatory approval from the TSX Venture Exchange.

The securities issuable pursuant to the transactions noted herein will be subject to a Canadian four-month hold period.