Mr. Richard Gonzalez reports
PETRO-VICTORY ENERGY CORP. CORPORATE UPDATE
Petro-Victory Energy Corp. has provided a corporate update, which includes the extension of the exercise period for common share purchase warrants issued on Oct. 31, 2023, all of which are exercisable at $4 per common share, the grant of 871,130 options and the closing of the September, 2024, short-term debentures.
October, 2024, warrant extension
The company is extending the expiry date of the warrants by 12 months, establishing a new expiry date of Oct. 31, 2025. The warrants, issued through a private placement on Oct. 31, 2023, were set to expire on Oct. 31, 2024. All other terms and conditions of the warrants remain unchanged. This amendment is subject to approval by the TSX Venture Exchange.
September, 2024, option grant
In September, 2024, the company approved the grant of stock options exercisable for a total of 871,130 common shares to its directors, officers, employees and consultants. All options were granted pursuant to the company's stock option plan and are subject to the terms of the applicable grant agreements and the requirements of the TSX Venture Exchange.
The options were granted at an exercise price of $1.25 and expire on Sept. 25, 2029. The options shall vest annually over three years from the date of grant. The options are subject to TSX-V acceptance.
The company relied on Section 5.5(b) of Multilateral Instrument 61-101 as the exemption from the formal valuation requirements of MI 61-101 in respect of the grant of options to the directors and officers of the company as the common shares of the company are not listed on a specified market (and the common shares are only listed on the TSX-V). The company relied on Section 5.7(a) of MI 61-101 as the exemption from the minority approval requirements of MI 61-101 in respect of the grant of options to the directors and officers of the company as neither the fair market value of the subject matter of nor the fair market value of the consideration for the grant of the options to the director of the company exceeded 25 per cent of the company's market capitalization.
September, 2024, short-term debentures
Further to the news release dated Sept. 24, 2024, the company has received final TSX-V approval on the issuance of unsecured promissory notes to 579 Max Ltd., Chris Cooper and an arm's-length third party. Each loan bears interest at an annual rate of 14 per cent per annum, which increases to 18 per cent should any amounts of the principal or interest remain unpaid after the maturity date. Each lender was issued bonus warrants on the terms as disclosed on Sept. 24, 2024.
About Petro-Victory Energy Corp.
Petro-Victory Energy is engaged in the acquisition, development and production of crude oil and natural gas resources in Brazil. The company holds 100-per-cent operating and working interests in 38 licences totalling 257,604 acres in two different producing basins in Brazil. Petro-Victory generates accretive shareholder value through disciplined investments in high-impact, low-risk assets. The company's common shares trade on the TSX-V under the ticker symbol VRY.
We seek Safe Harbor.
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