Document:

Exhibit 10.12

 

LOAN AGREEMENT AMENDMENT NO. 3

 

July 28, 2016

 

Altlands Overseas Corp.

Office 101

1 1⁄2 Miles Northern Highway

Belize City, Belize

 

We refer to the loan agreement dated February
9, 2015 between Altlands Overseas Corp. (the “Lender”) and MCW Energy CA, Inc., as amended on July 21, 2015 and
February 1, 2016 (the “Agreement”). For good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties agree to amend the Agreement as follows (the “Amending Agreement”). Capitalized terms
not otherwise defined shall have the same meaning ascribed to them in the Agreement.

 

		1.	The following shall be inserted on the top of page one
(1) of the Agreement:

 

“UNLESS PERMITTED UNDER SECURITIES LEGISLATION,
THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE November 29, 2016.”

 

		2.	The following Section 5.3 shall be inserted in the Agreement:

 

		“5.3	Conversion of Loan. Upon and subject to the terms
and conditions set out in this Section 5.3, the Lender shall have the right, at its option at any time, and from time to time,
prior to the close of business on the Repayment Date (the “Time of Expiry”) to convert, in whole or in part,
the Loan (excluding interest) into fully paid and non-assessable common shares (the “Common Shares”) in the capital
of MCW Energy Group Limited (“MCW”), at $0.15 (the “Conversion Price”) on the Date of Conversion (defined
below). The Conversion Price shall be subject to customary adjustment in the event of corporate reorganization, merger, dissolution
of MCW, or subdivision, consolidation or dividend of Common Shares, or change or reclassification of Common Shares. The right
of conversion set forth herein shall extend only to the maximum number of whole Common Shares into which the Loan may be converted.
If the Lender wishes to convert the Loan into Common Shares, the Lender shall, prior to the Time of Expiry, send written notice,
duly executed by the Lender or its legal representative or attorney duly appointed by an instrument in writing in form and executed
in a manner satisfactory to the Borrower, exercising its right to convert the Loan into Common Shares, to the Borrower. Thereupon,
the Lender or, subject to the payment of all applicable security transfer taxes or other governmental charges by the Lender, its
nominee(s) or assignee(s), shall be entitled to be entered in the books of MCW (as of the Date of Conversion) as the holder of
the number of Common Shares into which the Loan is converted and, as soon as practicable thereafter, the Borrower shall deliver
to the Lender or, subject as aforesaid, its nominee(s), or assignee(s), a certificate or certificates for such Common Shares.
For the purposes of this Section 5.3, the Lender shall be deemed to be entitled to conversion of the Loan then outstanding to
Common Shares on the date (herein called the “Date of Conversion”) on which the notice contemplated by this Section
5.3) is actually received by the Borrower. At the time of conversion, the Lender shall be entitled to receive accrued and unpaid
interest in respect thereof up to the Date of Conversion. Common Shares issued upon conversion of the Loan by the Lender shall
only be entitled to receive dividends declared in favour of shareholders of record on or after the Date of Conversion, from which
applicable date such Common Shares will for all purposes be and be deemed to be issued and outstanding as fully paid and non-assessable
Common Shares. MCW shall not be required to issue fractional Common Shares upon the conversion of the Loan into Common Shares
pursuant to this Section 5.3. If any fractional interest in a Common Share would, except for the provisions of this Section 5.3,
be deliverable upon the conversion of the Loan, the MCW shall, in lieu of issuing any
such fractional interest, satisfy such fractional interest by either, at its option, (i) issuing to the Lender one full Common
Share and delivering a certificate representing such Common Share to the Lender, or (ii) paying, or causing the Borrower to pay,
to the Lender an amount of lawful money of United States equal to the principal amount of the Loan remaining outstanding after
so much of the Loan as may be converted into a whole number of Common Shares has been so converted. Upon conversion of the entire
Loan, if applicable, pursuant to this Section 5.3 and payment of all accrued and unpaid interest, this Loan shall be cancelled
and shall be of no further force or effect. Any Common Shares issued upon conversion of the Loan before November 29, 2016, shall
bear the following legend:

 

“UNLESS PERMITTED UNDER
SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE NOVEMBER 29, 2016.””

 

     

     

    

 

All other terms of the Agreement not contradicting
with the provisions of this Amending Agreement shall continue in full force and effect.

 

This Amending Agreement is subject to (i)
all necessary, director, shareholder, regulatory and stock exchange approvals, and (iii) compliance with applicable securities
laws.

 

This Amending Agreement may be executed
in two or more counterparts, each of which is deemed to be an original and all of which will constitute one agreement, effective
as of the date given above. If you are in agreement with the terms and conditions of this Amending Agreement, please sign below
and return one copy to our attention.

 

Yours truly,

 

	MCW ENERGY CA, INC.	 
	 	 	 	 
	Per:	/s/ Aleksandr Blyumkin	 
	 	Name:	Aleksandr Blyumkin	 
	 	Title	Director	 

 

SECTION 5.3 OF THE AGREEMENT ACKNOWLEDGED
AND AGREED TO:

 

	MCW ENERGY GROUP LIMITED	 
	 	 	 	 
	Per:	/s/ Aleksandr Blyumkin	 
	 	Name:	Aleksandr Blyumkin	 
	 	Title	Director	 

 

AGREED AND ACCEPTED this ______ day of July, 2016.

 

	ALTLANDS OVERSEAS CORP.	 
	 	 	 	 
	Per:	/s/ Huee Abos	 
	 	Name:	Huee Abos	 
	 	Title	President	 

 

    	 	- 2 -Exhibit 10.13

 

DEBT
CONVERSION AGREEMENT

(United
States Lender)

 

Made
as of the 18th day of May, 2017.

 

B
E T W E E N :

 

PETROTEQ
ENERGY INC.

(the
“Company”)

 

OF
THE FIRST PART;

 

-
and -

 

MCW
ENERGY CA, INC.

(the
“Subsidiary”)

 

OF
THE SECOND PART;

 

-
and -

 

ALEKSANDR
BLYUMKIN

(the
“Lender”)

 

OF
THE THIRD PART;

 

WHEREAS
the Subsidiary, a wholly-owned subsidiary of the Company, is indebted to the Lender in the aggregate amount of US$115,000 plus
accrued and unpaid interest pursuant to the promissory note attached hereto as Schedule “A” (the “Debt”);

 

AND
WHEREAS the Lender has agreed to accept 325,779 common shares of the Company (the “Debt Shares”) in full and
final settlement of the Debt including accrued and unpaid interest;

 

NOW
THEREFORE THIS AGREEMENT WITNESSETH THAT for and in consideration of the mutual premises and agreements hereinafter contained,
the sum of $1.00 now paid by each party to the other and other good and valuable consideration (the receipt and sufficiency of
which is hereby irrevocably acknowledged), the parties hereto hereby agree as follows:

 

		1.	Subject
                                         to the terms and conditions hereafter contained, the Lender agrees to accept, in full
                                         and final satisfaction of the Debt, the Debt Shares. The Lender further agrees that,
                                         upon the issuance and delivery of the Debt Shares to the Lender, the Lender shall fully
                                         release the Subsidiary in respect of the Debt and acknowledges the full repayment thereof
                                         by the Subsidiary.

 

		2.	The
                                         issuance of the Debt Shares shall be conditional on the (i)the issuance of the Debt
                                         Shares being exempt from the prospectus and registration requirements under applicable
                                         securities laws, the United States Securities Act of 1933, as amended (the “U.S.
                                         Securities Act”) and applicable state securities laws, and (ii) approval of
                                         this Agreement by the directors of the Company, and (iii) the Company receiving final
                                         approval from the TSX Venture Exchange (the “TSXV”) or any other applicable
                                         stock exchange for the issuance and listing of the Debt Shares.

 

		3.	The
                                         closing of this Agreement (the “Closing”) shall take place no later
                                         than thirty (30) business days subsequent to the date hereof, or such later time the
                                         parties hereto agree.

 

    - 1 -

     

    

 

		4.	The
                                         Company hereby represents and warrants to and covenants with the Lender as follows, and
                                         acknowledges that the Lender is relying thereon, both at the date hereof and at the Closing:

 

		(a)	The
                                         execution and delivery of this Agreement is within the corporate power and authority
                                         of the Company and has been duly authorized by all necessary corporate action and this
                                         Agreement constitutes a valid and binding obligation of the Company enforceable against
                                         it and its successors in accordance with its terms, subject to the usual qualification
                                         as to enforceability being limited by bankruptcy and other laws effecting the enforcement
                                         of creditors' rights generally, equitable remedies being discretionary remedies and rights
                                         to indemnification and contribution being limited by applicable laws.

 

		(b)	None
                                         of the execution and delivery of this Agreement, the consummation of the transactions
                                         contemplated hereby or the fulfillment of or compliance with the terms and provisions
                                         hereof do or will, with the giving of notice, or the lapse of time or both (i)
                                         to the best of the knowledge of the Company, violate any provision of any law or administrative
                                         regulation or any administrative orders, award, judgment or decree applicable to the
                                         Company, (ii) conflict with any of the terms, conditions or provisions of the memorandum
                                         of association or articles of the Company or any resolution of its directors or shareholders,
                                         or (iii) conflict with, result in a breach or constitute a default under, or accelerate
                                         or permit the acceleration of the performance required by, any material agreement, covenant,
                                         undertaking, commitment, instrument, judgment, order, decree or award to which the Company
                                         is a party or by which it is bound or to which the property of it is subject.

 

		(c)	The
                                         Debt Shares will, upon issuance and delivery, be validly issued and outstanding as fully
                                         paid and non-assessable common shares.

 

		(d)	It
                                         is a company duly amalgamated and organized under the laws of the Province of Ontario
                                         and is presently in good standing thereunder with full corporate power to own its properties
                                         and carry on its business as now being conducted.

 

		5.	The
                                         Subsidiary hereby represents and warrants to and covenants with the Lender as follows,
                                         and acknowledges that the Lender is relying thereon, both at the date hereof and at the
                                         Closing:

 

		(a)	The
                                         execution and delivery of this Agreement is within the corporate power and authority
                                         of the Subsidiary and has been duly authorized by all necessary corporate action and
                                         this Agreement constitutes a valid and binding obligation of the Subsidiary enforceable
                                         against it and its successors in accordance with its terms, subject to the usual qualification
                                         as to enforceability being limited by bankruptcy and other laws effecting the enforcement
                                         of creditors' rights generally, equitable remedies being discretionary remedies and rights
                                         to indemnification and contribution being limited by applicable laws.

 

		(b)	None
                                         of the execution and delivery of this Agreement, the consummation of the transactions
                                         contemplated hereby or the fulfillment of or compliance with the terms and provisions
                                         hereof do or will, with the giving of notice, or the lapse of time or both (i)
                                         to the best of the knowledge of the Subsidiary, violate any provision of any law or administrative
                                         regulation or any administrative orders, award, judgment or decree applicable to the
                                         Subsidiary, (ii) conflict with any of the terms, conditions or provisions of the memorandum
                                         of association or articles of the Subsidiary or any resolution of its directors or shareholders,
                                         or (iii) conflict with, result in a breach or constitute a default under, or accelerate
                                         or permit the acceleration of the performance required by, any material agreement, covenant,
                                         undertaking, commitment, instrument, judgment, order, decree or award to which the Subsidiary
                                         is a party or by which it is bound or to which the property of it is subject.

 

		(c)	It
                                         is a company duly organized under the laws of the State of California and is presently
                                         in good standing thereunder with full corporate power to own its properties and carry
                                         on its business as now being conducted.

 

    - 2 -

     

    

 

		6.	The
                                         Lender hereby represents and warrants to and covenants with the Company and the Subsidiary
                                         as follows, and acknowledges that the Company and the Subsidiary are relying thereon,
                                         both at the date hereof and at the Closing:

 

		(a)	The
                                         Lender is a resident in the jurisdiction set out on Schedule “B”, attached
                                         hereto. Such address was not created and is not used solely for the purpose of acquiring
                                         the Debt Shares and the Lender was solicited to purchase the Debt Shares in such jurisdiction.

 

		(b)	The
                                         Lender has properly completed, executed and delivered to the Corporation Schedule “B”,
                                         attached hereto and the information contained therein is true and correct.

 

		(c)	The
                                         Lender acknowledges that: (i) the Debt Shares have not been and will not be registered
                                         under the U.S. Securities Act or the securities laws of any state of the United States,
                                         and (ii) the offer and sale of Debt Shares contemplated hereby is being made in reliance
                                         on an exemption from such registration requirements in reliance on Rule 506(b) of Regulation
                                         D and/or Section 4(a)(2) of the U.S. Securities Act.

 

		(d)	The
                                         information, representations, warranties and covenants contained herein and in Schedule
                                         “B” will be true and correct both as of the date of execution of this Agreement
                                         and as of the time of Closing.

 

		(e)	The
                                         execution and delivery of this Agreement, the performance and compliance with the terms
                                         hereof, the issuance of the Debt Shares and the completion of the transactions described
                                         herein by the Lender will not result in any material breach of, or be in conflict with
                                         or constitute a material default under, or create a state of facts which, after notice
                                         or lapse of time, or both, would constitute a material default under any term or provision
                                         of the constating documents, by-laws or resolutions of the Lender, applicable securities
                                         laws or any other laws applicable to the Lender, any agreement to which the Lender is
                                         a party, or any judgment, decree, order, statute, rule or regulation applicable to the
                                         Lender.

 

		(f)	The
                                         Lender is acquiring the Debt Shares as principal for its own account and not for the
                                         benefit of any other person (within the meaning of applicable securities laws) and not
                                         with a view to the resale or distribution of all or any of the Debt Shares.

 

		(g)	This
                                         Agreement has been duly authorized, executed and delivered by, and constitutes a legal,
                                         valid and binding agreement of, the Lender. This Agreement is enforceable in accordance
                                         with its terms against the Lender.

 

		(h)	If
                                         the Lender is (i) a corporation, it is duly incorporated and is validly subsisting under
                                         the laws of its jurisdiction of incorporation and has all requisite legal and corporate
                                         power and authority to execute and deliver this Agreement, to acquire the Debt Shares
                                         as contemplated herein and to carry out and perform its obligations under the terms of
                                         this Agreement, (ii) a partnership, syndicate or other form of unincorporated organization,
                                         it has the necessary legal capacity and authority to execute and deliver this Agreement
                                         and to observe and perform its covenants and obligations hereunder and has obtained all
                                         necessary approvals in respect thereof, or (iii) an individual, it is of the full age
                                         of majority and is legally competent to execute this Agreement and to observe and perform
                                         his or her covenants and obligations hereunder.

 

		(i)	If
                                         required by applicable securities laws or the Company, the Lender will execute, deliver
                                         and file or assist the Company in filing such reports, undertakings and other documents
                                         with respect to the issue of the Debt Shares as may be required by any securities commission,
                                         stock exchange or other regulatory authority.

 

		(j)	The
                                         Lender has been advised to consult their own legal advisors with respect to trading in
                                         the Debt Shares and with respect to the resale restrictions imposed by applicable securities
                                         laws of the jurisdiction in which the Lender resides and other applicable securities
                                         laws, and acknowledges that no representation has been made respecting the applicable
                                         hold periods imposed by applicable securities laws or other resale restrictions applicable
                                         to such securities which restrict the ability of the Lender to resell such securities,
                                         that the Lender is solely responsible to find out what these restrictions are and the
                                         Lender is solely responsible (and the Company is in no way responsible) for compliance
                                         with applicable resale restrictions and the Lender is aware that it may not be able to
                                         resell such securities except in accordance with limited exemptions under applicable
                                         securities laws.

 

    - 3 -

     

    

 

		(k)	The
                                         Lender has not received or been provided with a prospectus or offering memorandum, within
                                         the meaning of applicable securities laws, or any sales or advertising literature in
                                         connection with the issuance of the Debt Shares to the Lender and the Lender’s
                                         decision to acquire the Debt Shares was not based upon, and the Lender has not relied
                                         upon, any verbal or written representations as to facts made by or on behalf of the Company.

 

		(l)	The
                                         Lender is not acquiring the Debt Shares with knowledge of material information concerning
                                         the Company which has not been generally disclosed.

 

		(m)	No
                                         person has made any written or oral representations (i) that any person will resell or
                                         repurchase the Debt Shares, or (ii) as to the future price or value of the Debt Shares.

 

		(n)	It
                                         has not purchased the Debt Shares as a result of any form of general solicitation or
                                         general advertising (as such terms are used in Regulation D under the U.S. Securities
                                         Act), including, without limitation, advertisements, articles, notices or other communications
                                         published in any newspaper, magazine or similar media or on the internet, or broadcast
                                         over radio, internet, television or other form of telecommunications, or any seminar
                                         or meeting whose attendees have been invited by general solicitation or general advertising.

 

		7.	The
                                         Lender acknowledges and agrees as follows:

 

		(a)	The
                                         Debt Shares have not been recommended by the United States Securities and Exchange Commission
                                         or by any state securities commission or regulatory authority.

 

		(b)	The
                                         Debt Shares will be issued to the Lender as “restricted securities” (as defined
                                         in Rule 144(a)(3) under the U.S. Securities Act), and the Lender is not acquiring the
                                         Debt Shares with a view to any resale, distribution or other disposition of such securities
                                         in violation of United States federal or state securities laws. The Debt Shares shall
                                         be subject to additional statutory resale restrictions under applicable securities laws,
                                         and the Lender covenants that it will not resell the Debt Shares except in compliance
                                         with such laws. The Lender acknowledges that it is solely responsible (and the Company
                                         is in no way responsible) for such compliance, and it is the responsibility of the Lender
                                         to find out what those restrictions are and to comply with them before selling the Debt
                                         Shares.

 

		(c)	The
                                         certificates representing the Debt Shares will bear legends substantially in the following
                                         form and with the necessary information inserted:

 

“Unless
permitted under securities legislation, the holder of this security must not trade thE security before <INSERT
THE DATE THAT IS FOUR (4) MONTHS AND ONE (1) DAY AFTER THE DATE OF CLOSING>.”

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S.
SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES,
AGREES FOR THE BENEFIT OF THE COMPANY THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR
INDIRECTLY, ONLY (A) TO THE COMPANY; (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S.
SECURITIES ACT AND IN ACCORDANCE WITH ALL LOCAL LAWS AND REGULATIONS; (C) IN ACCORDANCE WITH THE EXEMPTION FROM REGISTRATION UNDER
THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES
LAWS; OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES
LAWS, AND, IN THE CASE OF CLAUSE (C) OR (D), THE SELLER FURNISHES TO THE COMPANY AN OPINION OF COUNSEL OF RECOGNIZED STANDING
IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY TO SUCH EFFECT. THE PRESENCE OF THIS LEGEND MAY IMPAIR THE ABILITY OF THE HOLDER
HEREOF TO EFFECT “GOOD DELIVERY” OF THE SECURITIES REPRESENTED HEREBY ON A CANADIAN STOCK EXCHANGE.”

 

    - 4 -

     

    

 

and
subject to the policies of the TSXV may bear a legend substantially in the following form and with the necessary information inserted:

 

“WITHOUT
PRIOR WRITTEN APPROVAL OF TSX VENTURE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED
BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF TSX VENTURE
EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL <INSERT THE DATE THAT IS FOUR (4) MONTHS
AND ONE (1) DAY AFTER THE DATE OF CLOSING>.”

 

		(d)	The
                                         Lender acknowledges that:

 

		(i)	the
                                         Company has determined that it has ceased to qualify as a “foreign private issuer”
                                         (as such term is defined in Rule 405 under the U.S. Securities Act and Rule 3b-4 under
                                         the United States Securities Exchange Act of 1934, as amended) as of February 28, 2017
                                         (being the last business day of its most recently completed second fiscal quarter, and
                                         hereinafter referred to as the “Determination Date”), and, accordingly,
                                         the Company will be deemed to be a U.S. domestic issuer for the purposes of U.S. federal
                                         securities laws and cease to be eligible to use the forms and rules designated for foreign
                                         private issuers under U.S. federal securities laws after August 31, 2017 (being the end
                                         of Company’s current fiscal year, and hereinafter referred to as the “Fiscal
                                         Year End Date”);

 

		(ii)	Rule
                                         905 of Regulation S under the U.S. Securities Act (“Rule 905”) provides
                                         in material part that any “restricted securities” that are equity securities
                                         of a U.S. domestic issuer will continue to be deemed to be restricted securities, notwithstanding
                                         that they were acquired in a resale transaction made pursuant to Rule 901 or Rule 904
                                         of Regulation S under the U.S. Securities Act;

 

		(iii)	As
                                         interpreted by Staff at the United States Securities and Exchange Commission (“SEC
                                         Staff”), Rule 905 applies to equity securities that, at the time of issuance,
                                         were those of a U.S. domestic issuer, and, in the absence of any additional guidance
                                         from SEC Staff, it remains unclear whether the Company will be considered for such proposes
                                         to have become a U.S. domestic issuer on the Determination Date or on the day next following
                                         the Fiscal Year End Date;

 

		(iv)	if
                                         the Company is deemed to have become a U.S. domestic issuer on the Determination Date
                                         for the purposes of Rule 905, the Debt Shares will continue to be “restricted securities”
                                         if they are resold in an “offshore transaction” pursuant to Rule 904 of Regulation
                                         S, with the result that it would not be possible to make “good delivery”
                                         of the Debt Shares on the TSXV or any other Canadian stock exchange;

 

    - 5 -

     

    

 

		(v)	A.
                                         the Company may be deemed to be an issuer that at a previous time has been an issuer
                                         with no or nominal operations and no or nominal assets other than cash and cash equivalents
                                         (a “Shell Company”), B. if the Company is deemed to have been a Shell
                                         Company at any time previously, Rule 144 under the U.S. Securities Act may not be available
                                         for resales of the Debt Shares except in very limited circumstances, and C. the Company
                                         is not obligated to make Rule 144 under the U.S. Securities Act available for resales
                                         of the Debt Shares.

 

		(e)	The
                                         Lender shall execute, deliver, file and otherwise assist the Company and the Subsidiary
                                         with filing all documentation required by the applicable securities laws to permit the
                                         issuance of the Debt Shares.

 

		(f)	The
                                         Company and the Subsidiary are relying on the representations, warranties and covenants
                                         contained herein and in Schedule “B”, attached hereto, to determine the Lender’s
                                         eligibility to acquire the Debt Shares under applicable securities laws and the Lender
                                         agrees to indemnify the Company and the Subsidiary and their directors and officers,
                                         employees and agents against all losses, claims, costs, expenses, damages or liabilities
                                         which any of them may suffer or incur as a result of or arising from reliance thereon.
                                         The Lender undertakes to immediately notify the Company and the Subsidiary of any change
                                         in any statement or other information relating to the Lender set forth herein and in
                                         Schedule “B”, attached hereto, which takes place prior to the time of Closing.

 

		(g)	The
                                         Lender is responsible for obtaining such legal and tax advice as it considers appropriate
                                         in connection with the execution, delivery and performance of this Agreement.

 

		(h)	The
                                         Lender is knowledgeable of securities legislation in its jurisdiction of residence that
                                         may have application over the Lender or transactions contemplated herein which would
                                         apply to this Agreement and is satisfied that the Company, the Subsidiary and the Lender
                                         will not breach such laws by completing the transactions contemplated hereby.

 

		(i)	The
                                         issuance of the Debt Shares by the Company to the Lender requires the final approval
                                         of the TSXV.

 

		7.	All
                                         of the covenants, representations, and warranties contained herein and in Schedule “B”,
                                         attached hereto, shall survive the issuance of the Debt Shares hereunder.

 

		8.	The
                                         Lender hereby consents to (a) the disclosure of Personal Information by the Company to
                                         the Exchange (as defined in Appendix 6A of the TSXV) pursuant to TSXV Form 4E Shares
                                         for Debt Filing Form (“Form 4E”), and (b) the collection, use
                                         and disclosure of Personal Information by the Exchange for the purposes described in
                                         Appendix 6A of the TSXV or as otherwise identified by the Exchange, from time to time.
                                         “Personal Information” means any information about an identifiable
                                         individual, and includes the information contained in the tables, as applicable, found
                                         in Form 4E.

 

		9.	Time
                                         shall in all respects be of the essence of this Agreement.

 

		10.	This
                                         Agreement shall be governed by and construed in accordance with the laws of the Province

                                         of Ontario and the laws of Canada applicable therein and the parties hereby irrevocably
                                         attorn to the jurisdiction of the courts of the Province of Ontario.

 

		11.	Unless
                                         otherwise specified, all references to $ refer to lawful currency of the United States.

 

		12.	The
                                         parties agree to execute and deliver to each other such further instruments and other
                                         written

                                         assurances and to do or cause to be done such further acts or things as may be necessary
                                         or convenient to carry out and give effect to the intent of this Agreement or as any
                                         of the parties may reasonably request in order to carry out the transactions contemplated
                                         herein.

 

    - 6 -

     

    

 

		13.	This
                                         Agreement sets forth the entire agreement among the parties hereto pertaining to the
                                         specific subject matter hereof and replaces and supersedes all prior agreements, understandings,
                                         negotiations and discussions, whether oral or written, of the parties hereto, and there
                                         are no warranties, representations or other agreements, whether oral or written, express
                                         or implied, statutory or otherwise, between the parties hereto in connection with the
                                         subject matter hereof except as specifically set forth herein. No supplement, modification,
                                         waiver or termination of this Agreement shall be binding unless executed in writing by
                                         the party to be bound thereby.

 

		14.	In
                                         case any one or more of the provisions contained in this Agreement should be invalid,
                                         illegal or unenforceable in any respect, the validity, legality and enforceability of
                                         the remaining provisions contained in this Agreement shall not in any way be affected
                                         or impaired thereby, and any such invalid, illegal or unenforceable provision shall be
                                         deemed to be severable, and the remainder of the provisions of this Agreement shall nevertheless
                                         remain in full force and effect.

 

		15.	This
                                         Agreement may be executed by the parties hereto in separate counterparts or duplicates
                                         each of which when so executed and delivered shall be an original, but all such counterparts
                                         or duplicates shall together constitute one and the same instrument. A signed facsimile,
                                         portable document format (PDF) or telecopied copy of this Agreement shall be effective
                                         and valid proof of execution and delivery.

 

		16.	This
                                         Agreement shall be binding upon and shall enure to the benefit of the parties hereto
                                         and their respective heirs, executors, administrators, successors, assigns and legal
                                         representatives. This Agreement may not be assigned without the prior written consent
                                         of the parties, which consent may not be unreasonably withheld.

 

[Signature
page follows]

 

    - 7 -

     

    

 

IN
WITNESS WHEREOF the parties have executed this Agreement as of the date first above written.

 

	 	PETROTEQ
    ENERGY INC.
	 	 
	 	By:	/s/
    Aleksandr Blyumkin
	 	 	Name:
    Aleksandr Blyumkin
	 	 	Title:
Chairman

	 	 	 
	 	MCW
    ENERGY CA, INC.
	 	 
	 	By:	/s/
    Aleksandr Blyumkin
	 	 	Name:Aleksandr
    Blyumkin
	 	 	Title:
Chairman

 

	 	 	/s/
    Aleksandr Blyumkin
	Signature
    of Witness	 	Aleksandr
    Blyumkin

 

    - 8 -

     

    

 

SCHEDULE
“A”

 

PROMISSORY
NOTE

 

 

 

 

 

    - 9 -

     

    

 

SCHEDULE
“B”

 

U.S.
ACCREDITED INVESTOR CERTIFICATE

 

 

 

 

-
10 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00288-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00288-of-00352.parquet"}]]