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Petro-Victory Energy ( (TSE:VRY) ) has provided an update.
Petro-Victory Energy Corp. has entered into a US$500,000 short-term borrowing arrangement via an unsecured promissory note with 579 Max, Ltd., carrying an annual interest rate of 14% and maturing on December 22, 2026. As part of the financing, the lender received 1,010,882 bonus warrants exercisable at C$0.68 per share until the same date, with both the loan and warrant issuance subject to TSX Venture Exchange approval and structured as a related-party transaction due to the involvement of director T. Lynn Bryant. The company utilized exemptions under Canadian securities rules to avoid formal valuation and minority shareholder approval, suggesting the financing is modest relative to Petro-Victory’s market capitalization while providing additional liquidity to support its Brazilian upstream portfolio.
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 net acres, along with an additional six concessions and 19,074 acres held jointly with BlueOak in Capixaba Energia, and is listed on the TSX Venture Exchange under the symbol VRY.
Average Trading Volume: 5,163
Technical Sentiment Signal: Sell
Current Market Cap: C$12.81M
For detailed information about VRY stock, go to TipRanks’ Stock Analysis page.