Business
Petro-Victory Announces Transactions Related to Stock Issuance, Investment in a Fund, and Debt Financing
Petro-Victory Announces Transactions Related to Stock Issuance, Investment in a Fund, and...
About this update from Petro-victory Energy Corp Class A
[{"type":"text","content":"\n \n \n \n Petro-Victory Announces Transactions Related to Stock Issuance, Investment in a Fund, and Debt Financing\n \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 Canada NewsWire\n \n \n CALGARY, AB, Nov. 24, 2020\n \n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n . ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS./\n \n \n \n \n CALGARY, AB\n \n ,\n \n Nov. 24, 2020\n \n /CNW/ - Petro-Victory Energy Corp. (\"\n \n Petro-Victory\n \n \" or the \"\n \n Company\n \n \") (TSXV: VRY) is very pleased to announce that it has signed a term sheet to enter into a series of transactions expected to increase capitalization, align with an investment fund, and obtain\n \n $5 million\n \n of working capital through a secured debt issuance.\n \n \n \n \n \n \n \n \n \n Oppenheimer Resources, a\n \n Luxembourg\n \n investment group, together with its sponsors, have formed a new fund (\"OR III\") designed to invest in mid-sized oil and gas companies.     Petro-Victory meets their investment criteria, and the fund is expected to provide the Company with up to a\n \n $5 million\n \n secured loan.  As part of the transaction, Petro-Victory will complete a private placement with PPF 12, LLC, a\n \n Delaware\n \n limited liability company that is a wholly owned subsidiary of\n \n Dallas\n \n based Petroleum Production Finance, Inc.   In the private placement, PPF 12 will acquire 2,289,694 shares of restricted voting shares in the Company in exchange for a note receivable of US\n \n $11,811,000\n \n .  The note receivable will then be conveyed and assigned to OR III to purchase a like-amount limited partnership interest in the fund.  Upon completion of the transaction, PPF 12 will hold 19.9% of the total undiluted capitalization of Petro-Victory.\n \n \n A portion of the proceeds will be used to retire two existing secured loans owed by Petro-Victory totaling\n \n $3.4 million\n \n plus interest accrued since\n \n January 1\n...