On August 22, 2022, Petroteq Energy Inc. closed the transaction. The company issued 12,195,121 units to a single institutional investor at $0.205 per Unit for aggregate gross proceeds of $2,500,000.

The TSX Venture Exchange has accepted for filing documentation with respect to the transaction. The transaction included participation from one placee and total existing insider involvement of one placee for 12,195,121 shares. The company paid agent fee of an aggregate of 487,804 common shares and 2,073,170 broker's warrants, payable to Cantone Research, Inc., Investment Banking Arm. Each broker's warrant entitles the holder to acquire one common share at an exercise price of $ 0.205? per share for a period of two years.