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Petro-Victory Energy Corp Announces $700,000 Financing and New Board Member T. Lynn Bryant
Petro-Victory Energy Corp Announces $700,000 Financing and New Board Member T. Lynn Bryan...
About this update from Petro-victory Energy Corp Class A
[{"type":"text","content":"\n \n \n \n Petro-Victory Energy Corp Announces $700,000 Financing and New Board Member T. Lynn Bryant\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.prntac{\nTEXT-ALIGN: CENTER\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\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 \n CALGARY, AB\n \n ,\n \n July 15, 2021\n \n /CNW/ - Petro-Victory Energy Corp. (TSXV: VRY) (\"Petro-Victory\" or \"Company\") is delighted to announce that the Company has closed US\n \n $700,000\n \n of additional secured financing from an existing lender, 579 Max Ltd. (\"579 Max\") and will appoint Mr. T.\n \n Lynn Bryant\n \n , Principal of 579 Max, to the Board of Directors of the Company effective on or about\n \n July 15, 2021\n \n .\n \n \n \n \n \n \n \n \n \n The financing will be on the same terms as the Company's existing\n \n US$2,000,000\n \n debentures with 579 Max, which bear interest at the rate of 9% per annum, payable quarterly. This additional note is due on the earlier of\n \n November 18, 2022\n \n , or upon the Company obtaining additional financing from another lender. It is not subject to an early repayment premium. In addition, subject to the final approval of the TSXV, 579 Max shall receive 230,125 warrants to purchase a like number of Common Shares over the term of the loan at an exercise price equal to a market value price per share as determined by the closing price on\n \n July 14, 2021\n \n .\n \n \n With the accelerated growth of the assets accumulated to date and associated work program development, the Company's Board of Directors reassessed its capabilities and will appoint Mr. Bryant as an additional non-executive director concurrent to closing of the loan increase. He has over three decades of mature and exploratory oil field development experience which is expected to be invaluable in the coming activity for the Company. In addition to his involvement in the f...