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Petro-Victory Energy Corp Announces CAD$11 Million Private Placing
Petro-Victory Energy Corp Announces CAD$11 Million Private Placing Canada NewsW...
About this update from Petro-victory Energy Corp Class A
[{"type":"text","content":"\n \n \n \n Petro-Victory Energy Corp Announces CAD$11 Million Private Placing\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 \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 \n \n CALGARY, AB\n \n ,\n \n Feb. 9, 2022\n \n /CNW/ - Petro-Victory Energy Corp. (\"Petro-Victory\" or the \"Company\") (TSXV: VRY) is pleased to announce that it has commitments for a private placement offering of subscription receipts (\"Subscription Receipts\") for gross proceeds of approximately\n \n CAD$10.6 million\n \n (\n \n USD$8.3 million\n \n ) (the \"Placing\").\n \n \n \n \n \n \n \n \n \n \n Highlights\n \n \n \n \n Fundraise is planned to deliver a drilling program of 4 wells at Andorinha field, and 3 workovers at the SãoJoão field\n \n \n Work is in advanced stages to secure a rig to deliver the drilling program\n \n \n The Company will deliver a broader 2022 work program including geological and geophysical work on its wider licence portfolio targeting further drilling activity and reserve growth\n \n \n Funds will provide optionality to participate in upcoming Brazilian onshore oil and gas licensing rounds\n \n \n Broadening of shareholder base with introduction of industry and blue-chip institutional investors, including a strategic investment by ACAM LP\n \n \n The Placing is subject to TSXV approvals, and is expected to close on or about\n \n February 15, 2022\n \n \n \n \n \n Use of Proceeds of the Placing\n \n \n \n The net proceeds from the Placing are expected to be used to execute a program of work to focus on commercializing the Company's significant asset base in the highly petroliferous Potiguar Basin, onshore\n \n Brazil\n \n . The Company is in advanced stages of contractual negotiations with rig providers to support delivery of a 4-well campaign at the Andorinha field and additional workovers, including at São João. The program,...