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Petro-Victory Energy ( (TSE:VRY) ) just unveiled an update.
Petro-Victory Energy Corp. has completed a US$250,000 short-term borrowing through an unsecured promissory note to 579 Max, Ltd., bearing 14% annual interest and maturing on January 26, 2027, alongside the issue of 622,818 bonus warrants exercisable at C$0.55 per share to the lender, subject to TSX Venture Exchange acceptance. The financing, which qualifies as a related-party transaction because director T. Lynn Bryant is a principal of the lender, was executed under exemptions to formal valuation and minority shareholder approval rules, underscoring the company’s continued reliance on targeted, high-cost capital to support its Brazilian oil and gas operations while navigating securities regulation constraints.
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 49 concession contracts covering 276,755 net acres, plus an additional six concessions and 19,074 acres jointly owned with BlueOak in Capixaba Energia, and its shares trade on the TSX Venture Exchange under the symbol VRY.
Average Trading Volume: 5,605
Technical Sentiment Signal: Sell
Current Market Cap: C$12.11M
For an in-depth examination of VRY stock, go to TipRanks’ Overview page.