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Petro-Victory Announces Shares for Debt Transactions, Approval of Stock Option Plan, Grant of Options and Financing
Petro-Victory Announces Shares for Debt Transactions, Approval of Stock Option Plan, Grant...
About this update from Petro-victory Energy Corp Class A
[{"type":"text","content":"\n\n\n\nPetro-Victory Announces Shares for Debt Transactions, Approval of Stock Option Plan, Grant of Options and Financing\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\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, March 13, 2020\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 CALGARY, March 13, 2020 /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 Company in an aggregate amount of approximately CDN$387,739 through the issuance of 484,671 class A common shares (\"Common Shares\") in the capital of the Company at a deemed price of $0.80 per Common Share (collectively, the \"Shares for Debt Transactions\").\n\n \n \n \n \n \n \n\n \nVarious directors and officers are expected to receive Common Shares under the Shares for Debt Transactions and therefore the settlements are considered \"related party transactions\" under Canadian securities laws. The Company received minority approval for the Shares for Debt Transactions at its annual general meeting held on November 21, 2019 in accordance with Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\")\nThe completion of the Shares for Debt Transactions is subject to a number of conditions, including the approval of the TSX Venture Exchange (\"TSXV\"). All securities issued pursuant to the Shares for Debt Transactions will be subject to a hold period of four months and one day from the date of issuance, in accordance with applicable securities legislation.\nApproval of Stock Option Plan and Grant of Options\nThe Company further announces that the board of directors have adopted a new 20% fixed stock option plan (the \"2020 Stock Option Plan\"). The maximum number of stock options issuable under the 2020 Stock Option Plan ...