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Petro-Victory Energy ( (TSE:VRY) ) has shared an update.
Petro-Victory Energy Corp. has extended the term of a US$1.7 million secured loan from 579 Max, Ltd. by two years to March 31, 2028, maintaining a 14% annual interest rate. In exchange for the extension, the lender received 600,000 new warrants exercisable at C$0.68 per share until March 31, 2028, with the changes subject to TSX Venture Exchange approval.
The company also plans a shares-for-debt transaction of up to approximately US$500,000 owed to directors and arm’s-length creditors, including additional debt to the same lender, by issuing up to 980,392 common shares at a deemed price of C$0.68. These related-party transactions, conducted under available minority protection exemptions, are aimed at strengthening Petro-Victory’s balance sheet and reducing cash outflows, pending regulatory approval and subject to standard hold periods on the new shares.
More about Petro-Victory Energy
Petro-Victory Energy Corp. is an oil and gas producer focused on the acquisition, development, and production of crude oil and natural gas assets in Brazil. The company manages a portfolio of 49 concession contracts covering 276,755 net acres, plus additional jointly owned concessions, and its shares trade on the TSX Venture Exchange under the symbol VRY.
Average Trading Volume: 4,315
Technical Sentiment Signal: Sell
Current Market Cap: C$15.84M
Learn more about VRY stock on TipRanks’ Stock Analysis page.