Petroteq Energy Inc. announced that it has entered into an engagement agreement for a brokered private placement financing on a commercially reasonable best efforts basis of 361,400,000 units to be sold at a price of CAD 0.05 per unit for aggregate gross proceeds of up to CAD 18.07 million on November 3, 2022. Each unit will be comprised of one common share and one common share purchase warrant. Each Warrant will entitle the holder thereof to purchase one common share at a price of CAD 0.10 for a period of 24 months from the closing date of the offering.

The common shares, warrants and warrant shares will be subject to a resale hold period under applicable Canadian securities laws. The offering is subject to the approval of the TSX Venture Exchange. The transaction is expected to close on November 30, 2022.

The transaction is subject subject to satisfaction of customary closing conditions, including, but not limited to, the receipt of all necessary stock exchange approvals, such as the approval of the TSX Venture Exchange. All securities issued in connection with the Offering are subject to a four-month and one day hold period in accordance with applicable Canadian securities laws, during which time the securities may not be traded.