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PETRO-VICTORY ENERGY CORP. AND AZEVEDO & TRAVASSOS ENERGIA S.A. SIGN BINDING MEMORANDUM OF UNDERSTANDING
Petro-Victory Energy Corp. (TSXV: VRY) ("Petro-Victory" or the "Company") and Azevedo & Travassos Energia S.A. ("ATE") are pleased to announce the signing of a binding memorandum of understanding on July 2, 2025 ("MOU") pursuant to which Petro-Victory and ATE intend to complete an arm's length business combination by the acquisition by ATE of all of the issued and outstanding common shares of the Company (the "Transaction"). The Transaction is intended to combine the businesses and assets of ATE
About this update from Petro-victory Energy Corp Class A
[{"type":"text","content":"DALLAS, July 4, 2025 /PRNewswire/ - Petro-Victory Energy Corp. (TSXV: VRY) ("Petro-Victory" or the "Company") and Azevedo & Travassos Energia S.A. ("ATE") are pleased to announce the signing of a binding memorandum of understanding on July 2, 2025 ("MOU") pursuant to which Petro-Victory and ATE intend to complete an arm's length business combination by the acquisition by ATE of all of the issued and outstanding common shares of the Company (the "Transaction"). The Transaction is intended to combine the businesses and assets of ATE and the Company and result in the Company becoming a wholly owned subsidiary of ATE. Under the Transaction, the current shareholders of the Company will become shareholders of ATE. The combination of the Company and ATE is expected to increase shareholder value through the development of ATE's growth strategy with the supplementation of the Company's diversified portfolio of production and exploration assets.","length":1025,"tagName":"p"},{"type":"image","alt":"Petro-Victory Energy Corp. Logo (CNW Group/Petro-Victory Energy Corp.)","displaySize":"","headline":null,"caption":"Petro-Victory Energy Corp. Logo (CNW Group/Petro-Victory Energy Corp.)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":328,"url":"https://media.zenfs.com/en/prnewswire.com/b0f3a35941618cec91fd197574626ba7"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/2zimwqznYZhcCEMfIUib1g--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTU3ODtjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/b0f3a35941618cec91fd197574626ba7","width":400,"height":328}},"href":"https://mma.prnewswire.com/media/2724620/Petro_Victory_Energy_Corp__PETRO_VICTORY_ENERGY_CORP__AND_AZEVED.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"Transaction Summary","length":19,"tagName":"p"},{"type":"text","content":"Pursuant to the Transaction, ATE will complete a capital increase by way of a private placement of 205,479,453 Units of ATE ("Units") at an issue price of R$0.73 (CAD$0.18) per Unit, for aggregate gross proceeds of R$150,000,000.69 (or US$27,683,955.13 and CAD$37,533,870.17 based on today's conversion rate) ("Capital Increase").","length":354,"tagName":"p"},{"type":"text","content":"Following the completion of the Ca...