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Petro-Victory Energy Corp Announces US$1.0M Financing
Petro-Victory Energy Corp Announces US$1.0M Financing Canada NewsWire CALGA...
About this update from Petro-victory Energy Corp Class A
[{"type":"text","content":"\n \n \n \n Petro-Victory Energy Corp Announces US$1.0M Financing\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 \n CALGARY, AB\n \n \n ,\n \n \n Dec. 15, 2022\n \n \n /CNW/ - Petro-Victory Energy Corp. (\"Petro-Victory\" or the \"Company\") (TSXV: VRY) announces\n \n US$1.0 M\n \n financing.\n \n \n \n \n \n \n \n \n \n \n Corporate Update\n \n \n \n The Company is pleased to announce that it has closed on\n \n US$1.0 million\n \n of secured financing from existing shareholders \"Lender 1\" and \"Lender 2\". The new financing will bear interest at the rate of 12% per annum, payable quarterly, with principal due at maturity on\n \n May 31, 2024\n \n . The Lenders shall each receive 147,059 warrants (the \"Warrants\") where each one Warrant will entitle the holder thereof to purchase one common share in the Company (\"Common Shares\") for the duration of the term of the loan at an exercise price equal to\n \n CAD$3.00\n \n per share. The financing will be pari-passu to the current\n \n US$5 million\n \n debenture announced on\n \n September 3, 2021\n \n and the\n \n US$1.7 million\n \n debenture announced on\n \n October 6, 2022\n \n .\n \n \n The issuance of the Warrants are subject to approval of the TSXV. The Warrants and the Common Shares issuable on exercise of the Warrants are each subject to a four-month hold period from the date of issuance in accordance with applicable securities laws.\n \n \n \n \n \n About Petro-Victory Energy Corp.\n \n \n \n \n Petro-Victory Energy Corp. is engaged in the acquisition, development, and production of crude oil and natural gas resources in\n \n Brazil\n \n . The company holds 100% operating and working interests in thirty-eight (38) licenses totaling 257,604 acres in two (2) different producing basins in\n \n Brazil\n \n . 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.\n \n \n \n \n \n Cautionary Note\n \n \n ...