Petro-Victory Energy Corp Announces US$1.0M Financing CALGARY, AB, Dec. 15, 2022 /CNW/ - Petro-Victory Energy Corp. ("Petro-Victory" or the "Company") (TSXV: VRY) announces US$1.0 M financing.
Corporate Update
The Company is pleased to announce that it has closed on US$1.0 million 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 May 31, 2024. 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 CAD$3.00 per share. The financing will be pari-passu to the current US$5 million debenture announced on September 3, 2021 and the US$1.7 million debenture announced on October 6, 2022.
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.
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 100% operating and working interests in thirty-eight (38) licenses totaling 257,604 acres in two (2) different producing basins in Brazil. 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.