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Petro-Victory Energy ( (TSE:VRY) ) has provided an announcement.
Petro-Victory Energy Corp., a Brazil-focused oil and gas producer, manages a portfolio of 31 concession contracts totaling more than 210,000 net acres, along with additional jointly owned concessions through Capixaba Energia. The company emphasizes disciplined investment in high-impact, low-risk assets to drive sustainable shareholder value, and its shares are listed on the TSX Venture Exchange under the ticker VRY.
The company has revised a previously announced debt settlement, now planning to extinguish US$1,000,000 of debt owed to 579 Max, Ltd. by issuing 2,042,483 common shares at a deemed price of C$0.68 per share, subject to TSX Venture Exchange approval. The share-for-debt deal, which involves director T. Lynn Bryant as a principal of the lender and is treated as a related-party transaction under Canadian securities rules, will modestly dilute existing shareholders while improving the company’s balance sheet if completed, with the new shares locked up for just over four months after issuance.
More about Petro-Victory Energy
Petro-Victory Energy Corp. is an oil and gas company focused on the acquisition, development, and production of crude oil and natural gas in Brazil. Its portfolio comprises 31 concession contracts covering 210,583 net acres, plus four additional concessions and 11,413 acres owned jointly with BlueOak in Capixaba Energia, and its shares trade on the TSX Venture Exchange under the symbol VRY.
Average Trading Volume: 3,899
Technical Sentiment Signal: Sell
Current Market Cap: C$15.14M
For a thorough assessment of VRY stock, go to TipRanks’ Stock Analysis page.