RE:RE:RE:Petro victory Brazil!!!! Low share FL 6.8MAlby123 wrote:
But here is the kicker recently they partered with a billion dollar company in Brazil Imetame and they had excellent assets actually drilling a big well all paid for by imetame. They never released the numbers of the well but must of been amazing as they are now selling there non-operated assests with Imetame for 3.4 million see previous release.
so essentially they now have 3.4 million to pay down existing deb and drill work overs for the future.
Oh and management own over 50 perecent of the small float of around 7 million shares
The reason there is a low float of 7 million shares is because they did a 40 for 1 reverse split earlier this year. This is not something you want to draw attention to as it sound disastrous for long time shareholders.
Also I think you are wrong about the company receiving 3.4 million as the net amount they will actually receive is much less. Most of the 3.4 million goes towards compensating Petro-victory for the 20% downpayment they paid towards the purchase price and assuming the remaining 80% payment that is owed in the future. I think the amount left over is miniscule, so this sale will not help them pay down debt and invest in capex elsewhere.