Petro-Victory Energy Corp Announces $1,000,000 Financing CALGARY, AB, Aug. 25, 2021 /CNW/ - Petro-Victory Energy Corp. (TSXV: VRY) ("Petro-Victory" or "Company") announces the closing of US $1,000,000 of unsecured financing from a new lender, Global Energy Transition Fund I, providing the company with flexibility as it progresses the acceleration of operational activity across its onshore Brazilian licenses.
The note bears interest at a rate of 9% per annum, payable quarterly and is due in 12 months, on August 24, 2022. It is not subject to an early repayment premium should it be refinanced. Subject to the final approval of the TSXV, Global Energy Transition Fund I shall receive 328,750 warrants to purchase a like number of Common Shares over the term of the loan. These warrants may be exercised at a price of $2.03 per Common Share.
Richard F. Gonzalez, Chief Executive Officer of Petro-Victory commented:
"We are very pleased to close this financing with Global Energy Transition Fund I. This incremental financing provides us with operational flexibility to ramp up activity on our licenses while we assess options for broader development of our portfolio onshore Brazil. We look forward to updating the market on our planned work programs in the near future. In addition to current planned activity, we are exploring the option of an additional four well drilling program at Andorinha in early 2022."
About Petro-Victory Energy Corp.
Petro-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 licenses totaling 129,771 acres in three different producing basins in Brazil. Petro-Victory generates accretive shareholder value through disciplined investments in high impact, low risk assets.
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