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Petro-Victory Energy Corp Announces Extension to US $1,700,000 Note
Petro-Victory Energy Corp. (TSXV: VRY) ("Petro-Victory" or "Company") announces that, further, to press release dated October 6, 2022 and February 14, 2024, that the Company has extended the term of a US$1.7 million of secured financing from 579 Max, Ltd. (the "Lender"). The financing bears interest payable quarterly at the rate of 14% per annum. The note was due March 31, 2025, but has been extended by 12 months to March 31, 2026 (the "Extension").
About this update from Petro-victory Energy Corp Class A
[{"type":"text","content":"/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/","length":186,"tagName":"p"},{"type":"text","content":"CALGARY, AB, March 25, 2025 /CNW/ - Petro-Victory Energy Corp. (TSXV: VRY) ("Petro-Victory" or "Company") announces that, further, to press release dated October 6, 2022 and February 14, 2024, that the Company has extended the term of a US$1.7 million of secured financing from 579 Max, Ltd. (the "Lender"). The financing bears interest payable quarterly at the rate of 14% per annum. The note was due March 31, 2025, but has been extended by 12 months to March 31, 2026 (the "Extension").","length":565,"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/cnwgroup.com/55cd73e0ddc107c049cb62bfccf987ed"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/C5oyA8AzaJ.MH.6D0eBqjg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTU3ODtjZj13ZWJw/https://media.zenfs.com/en/cnwgroup.com/55cd73e0ddc107c049cb62bfccf987ed","width":400,"height":328}},"href":"https://mma.prnewswire.com/media/2650077/Petro_Victory_Energy_Corp__Petro_Victory_Energy_Corp_Announces_E.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"In connection with the original financing, the Lender was issued 600,000 bonus warrants which have expired concurrently with the Extension. As consideration for the Extension, the Company has granted 579 Max, Ltd. 600,000 warrants to purchase a like number of common shares at an exercise price equal to CAD $1.25 per share (the "Warrants"), which shall expire on March 31, 2026.","length":389,"tagName":"p"},{"type":"text","content":"The financing and the issuance of the Warrants each constituted a "related party transaction" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") as the Lender is a related party (as defined in MI 61-101) of t...