Petro-Victory Energy Corp. has secured US$2.8 million in loans from three lenders, including 579 Max Ltd., Chris Cooper, and an arm’s length third party. The loans, bearing an annual interest rate of 14%, come with bonus warrants exercisable at CAD$1.25, providing potential upside for the lenders. The transactions were deemed related party transactions under MI 61-101 but were approved based on exemptions for listed companies.
