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Petro-Victory Announces Shares for Debt Issuance
Petro-Victory Announces Shares for Debt Issuance Canada NewsWire CALGARY, July 1...
About this update from Petro-victory Energy Corp Class A
[{"type":"text","content":"\n\n\n\nPetro-Victory Announces Shares for Debt Issuance\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, July 17, 2018\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS./\n\n\n\nCALGARY, July 17, 2018 /CNW/ - Petro-Victory Energy Corp. (\"Petro-Victory\" or the \"Company\") (TSX-V: VRY) announces that it has approved the settlement of certain liabilities including outstanding management fees and salaries payable to certain directors, officers and employees of the Corporation (the \"Debt Settlement\") in an aggregate settlement amount of CDN$1,140,537 through the issuance of an aggregate of 22,810,751 common shares in the capital of the Corporation (\"Common Shares\"), at a price of $0.05 per Common Share. The Common Shares are subject to a four-month hold period from the date of issuance in accordance with applicable securities laws.\n\n\n \n \n\n \nThe Corporation received minority approval for the Debt Settlement at its annual general meeting held on January 15, 2018 in accordance with Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.\n\nThe Common Shares will be issued upon final acceptance of the TSX Venture Exchange.\n\nImmediately following this issuance, Richard F. Gonzalez, Executive Chairman of the Corporation, who is a resident of the United States, elected to convert a portion of his Common Shares into restricted voting shares of the Corporation (\"Restricted Voting Shares\") so that the Corporation 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 rat...