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Petro-Victory Energy ( (TSE:VRY) ) has provided an update.
Petro-Victory Energy Corp. has announced the borrowing of US$350,000 through unsecured promissory notes from Thomas Cooper, a director of the company, and an unrelated third party. The loans, which bear interest rates of 14% per annum until maturity and 18% thereafter, are set for a one-year term and include the issuance of 685,350 bonus warrants. This financial maneuver is subject to the final acceptance of the TSX Venture Exchange and involves a related party transaction under Canadian securities regulations, although exemptions were applied due to the company’s market capitalization.
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. The company manages a portfolio of 49 concession contracts covering 276,755 acres, with additional joint ownership of 6 concessions and 19,074 acres with BlueOak. Petro-Victory aims to deliver sustainable shareholder value through disciplined investments in high-impact, low-risk assets. Its common shares are traded on the TSX Venture Exchange under the ticker symbol VRY.
Average Trading Volume: 4,255
Technical Sentiment Signal: Sell
Current Market Cap: C$14.41M
See more data about VRY stock on TipRanks’ Stock Analysis page.