Petro-Victory Energy Corp Announces $1,000,000 Financing
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CALGARY, AB, Aug. 25, 2021 /CNW/ - Petro-Victory Energy Corp. (TSXV: VRY) ("Petro-Victory" or "Company") announces the closing of US $1,000,000 of unsecured financing from a new lender, Global Energy Transition Fund I, providing the company with flexibility as it progresses the acceleration of operational activity across its onshore Brazilian licenses.
The note bears interest at a rate of 9% per annum, payable quarterly and is due in 12 months, on August 24, 2022. It is not subject to an early repayment premium should it be refinanced. Subject to the final approval of the TSXV, Global Energy Transition Fund I shall receive 328,750 warrants to purchase a like number of Common Shares over the term of the loan. These warrants may be exercised at a price of $2.03 per Common Share.
Richard F. Gonzalez, Chief Executive Officer of Petro-Victory commented:
"We are very pleased to close this financing with Global Energy Transition Fund I. This incremental financing provides us with operational flexibility to ramp up activity on our licenses while we assess options for broader development of our portfolio onshore Brazil. We look forward to updating the market on our planned work programs in the near future. In addition to current planned activity, we are exploring the option of an additional four well drilling program at Andorinha in early 2022."
About Petro-Victory Energy Corp.
Petro-Victory Energy Corp. is engaged in the acquisition, development, and production of crude oil and natural gas resources in Brazil. The company holds operating and working interests in twenty licenses totaling 129,771 acres in three different producing basins in Brazil. Petro-Victory generates accretive shareholder value through disciplined investments in high impact, low risk assets.
Cautionary Note
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Advisory Regarding Forward-Looking Statements
In the interest of providing Petro-Victory's shareholders and potential investors with information regarding Petro-Victory's future plans and operations, certain statements in this press release are "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). In some cases, forward-looking statements can be identified by terminology such as "anticipate", "believe", "continue", "could", "estimate", "expect", "forecast", "intend", "may", "objective", "ongoing", "outlook", "potential", "project", "plan", "should", "target", "would", "will" or similar words suggesting future outcomes, events or performance. The forward-looking statements contained in this press release speak only as of the date thereof and are expressly qualified by this cautionary statement.
Specifically, this press release contains forward-looking statements relating to but not limited to: the Company offerings, our business strategies, plans and objectives, and drilling, testing and exploration expectations. These forward-looking statements are based on certain key assumptions regarding, among other things: our ability to add production and reserves through our exploration activities; the receipt, in a timely manner, of regulatory and other required approvals for our operating activities; the availability and cost of labor and other industry services; the continuance of existing and, in certain circumstances, proposed tax and royalty regimes; and current industry conditions, laws and regulations continuing in effect (or, where changes are proposed, such changes being adopted as anticipated). Readers are cautioned that such assumptions, although considered reasonable by Petro-Victory at the time of preparation, may prove to be incorrect.
Actual results achieved will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. These and additional risk factors are discussed in our Final Prospectus dated July 11, 2014, as filed with Canadian securities regulatory authorities at www.sedar.com.
The above summary of assumptions and risks related to forward-looking statements in this press release has been provided in order to provide shareholders and potential investors with a more complete perspective on Petro-Victory's current and future operations and such information may not be appropriate for other purposes. There is no representation by Petro-Victory that actual results achieved will be the same in whole or in part as those referenced in the forward-looking statements and Petro-Victory does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.
SOURCE Petro-Victory Energy Corp.
Petro-Victory Energy Corp., Richard F. Gonzalez, CEO - 817-838-1819; Mark Bronson, CFO 817-838-4744.
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