Business
Petro-Victory Announces Conversion of Common Shares into Restricted Voting Shares by Certain Holders
Petro-Victory Announces Conversion of Common Shares into Restricted Voting Shares by Certa...
About this update from Petro-victory Energy Corp Class A
[{"type":"text","content":"\n\n\n\nPetro-Victory Announces Conversion of Common Shares into Restricted Voting Shares by Certain Holders\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntal{\nTEXT-ALIGN: LEFT\n}\n\n\n\n\n\n\nPetro-Victory Announces Conversion of Common Shares into Restricted Voting Shares by Certain Holders\nCanada NewsWire\nCALGARY, June 30, 2016\n\n\n\n\n\n\n/THIS RELEASE IS INTENDED FOR DISTRIBUTION OUTSIDE THE UNITED STATES ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION WITHIN THE UNITED STATES/\n\n\n\nCALGARY, June 30, 2016 /CNW/ - Petro-Victory Energy Corp. (\"Petro-Victory\" or the \"Company\") is pleased to announce that certain insiders of the Company, who are residents of the United States, have elected to convert a portion of their common shares of the Company (\"Common Shares\") into restricted voting shares of the Company (\"Restricted Voting Shares\") so that the Company continues to qualify as a Foreign Private Issuer in the United States.\n\nThe Common Shares are being converted in order to maintain the threshold of less than 50 percent of the Common Shares being directly or indirectly held of record by residents of the United States and the Company therefore, qualifies as a Foreign Private Issuer in the United States. The restricted voting shares are convertible on a 1:1 ratio into Common Shares, at the holder's option. \n\nAs a result of the conversion, Harvison Capital Management, LLC, of Fort Worth, Texas, will now hold 19,591,857 Common Shares and 38,399,254 Restricted Voting Shares representing approximately 16.2% of the issued and outstanding voting securities of the Company on a non-diluted basis and 30.3% of the issued and outstanding securities of the Company, assuming conversion of the Restricted Voting Shares.\n\nAs a result of the conversion, Richard F. Gonzalez, Chief Executive Officer of the Company, will hold 16,397,588 Common Shares and 32,135,746 Restricted Voting Shares of the Company representing approximately 13.6% of the issued and outstanding voting securities of the Company on a non-diluted basis and 25.4% of the issued and outstanding securities of...