Calgary, AB, September 24, 2024 – Petro-Victory Energy Corp. (VRY) announced today that it has secured a total of US$2.8 million in loans (the “Loans”) from three lenders: 579 Max Ltd., Chris Cooper, and an arm’s length third party (the “Lenders”). These loans represent a significant financial boost for Petro-Victory, a company actively involved in the acquisition, development, and production of crude oil and natural gas resources in Brazil.
Each Loan carries an annual interest rate of 14%, demonstrating the company’s commitment to meeting its financial obligations. To add a layer of potential upside for the Lenders, Petro-Victory has issued bonus warrants (the “Warrants”) exercisable at CAD$1.25. These warrants offer the Lenders the opportunity to participate in Petro-Victory’s future growth and success.
The Loans and the issuance of Warrants were classified as “related party transactions” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). This classification is due to the Lenders being related parties (as defined in MI 61-101) to Petro-Victory. However, Petro-Victory relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101, as the company is listed on the TSX Venture Exchange (“TSXV”). These exemptions were applicable because the fair market value of the transactions did not exceed 25% of the Company’s market capitalization.
The Loans and issuance of Warrants are still subject to final acceptance by the TSXV. This approval process is a standard procedure for transactions involving listed companies and ensures compliance with regulatory guidelines.
Petro-Victory Energy Corp. boasts a robust portfolio of assets, holding 100% operating and working interests in thirty-eight (38) licenses encompassing 257,604 acres in two (2) producing basins within Brazil. The company’s focus on high-impact, low-risk assets and disciplined investments allows it to generate accretive shareholder value.
Petro-Victory’s Common Shares are traded on the TSXV under the ticker symbol VRY. Investors interested in learning more about the company and its future prospects are encouraged to visit their website or contact the company directly.
About Petro-Victory Energy Corp.
Petro-Victory Energy Corp. is a Canadian-based oil and gas exploration and production company focused on high-growth opportunities in Brazil. The company is committed to sustainable and responsible operations, aiming to create long-term value for its shareholders while contributing positively to the communities where it operates.
