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Petro-Victory Energy Corp Announces $2 Million Financing
Petro-Victory Energy Corp Announces $2 Million Financing Canada NewsWire CALGARY...
About this update from Petro-victory Energy Corp Class A
[{"type":"text","content":"\n\n\n\nPetro-Victory Energy Corp Announces $2 Million 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, Nov. 19, 2019\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, Nov. 19, 2019 /CNW/ - Petro-Victory Energy Corp. (TSX-V: VRY) (\"Petro-Victory\" or \"Company\") is delighted to announce that the Company has closed on a $2,000,000 secured financing to be used to finalize the previously announced initial working interests in Brazil, fund work program commitments and provide for general working capital.\n\n \n \n\n \nThe $2 million financing is from 579 Max Ltd. (the \"Lender\").  The financing will be pari passu to the current debenture, will bear interest payable quarterly at the rate of 9% per annum, and will be due with a balloon payment at the end of 36 months. 579 Max Ltd. shall receive 26.3 million warrants to purchase a like number of common shares over the term of the loan at an exercise price equal to $0.05.\nRichard F. Gonzalez, Chief Executive Officer of Petro-Victory commented, \"We are very pleased to close this financing with 579 Max Ltd. This financing allows us to continue developing and growing our Brazil onshore portfolio\".\nAbout Petro-Victory Energy Corp.\nPetro-Victory Energy Corp. is engaged in the acquisition, development, and production of crude oil and natural gas resources in Brazil. The company holds operating and working interests in twenty-five (25) licenses totaling 164,366 acres in four (4) different producing basins in Brazil, and royalty agreement in a 2-million-acre concession in Paraguay. Petro-Victory generates accretive shareholder value through disciplined investments in high impact, low risk assets. The Company's Common Shares trade on the TSX Venture Exchange (\"TSXV\") under the ticker symbol VRY.v.\nCautionary NoteNeither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts respo...