/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES. ANY
FAILURE TO COMPLY WITH THIS RESTRICTION
MAY CONSTITUTE A VIOLATION OF
U.S. SECURITIES LAWS/
CALGARY,
AB, Oct. 7, 2024 /CNW/ - Petro-Victory
Energy Corp. ("Petro-Victory" or the "Company") (TSXV: VRY) is
pleased to provide a corporate update which includes the extension
of the exercise period for common share purchase warrants issued on
October 31, 2023, all of which are
exercisable at CAD $4.00 per common
share (the "Warrants"), the grant of 871,130 options ("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
twelve (12) months, establishing a new expiry date of October 31, 2025. The Warrants, issued through a
private placement on October 31,
2023, were set to expire on October
31, 2024. All other terms and conditions of the Warrants
remain unchanged. This amendment is subject to approval by the TSX
Venture Exchange (TSXV).
September 2024 Option
Grant
In September 2024, the Company
approved the grant of stock options (the "Options") exercisable for
a total of 871,130 common shares ("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 ("TSXV").
The Options were granted at an exercise price of $1.25 and expire on September 25, 2029. The Options shall vest
annually over three years from the date of grant. The Options are
subject to TSXV acceptance.
The Company relied on section 5.5(b) of Multilateral Instrument
61-101 ("MI 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 TSXV). 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% of the Company's market
capitalization.
September 2024 Short-Term
Debentures
Further to the news release dated September 24, 2024, the Company has received
final TSXV approval on the issuance of unsecured promissory notes
to 579 Max Ltd., Chris Cooper, and
an arm's length third party (the "Lenders"). Each loan bears
interest at an annual rate of 14% per annum which increases to 18%
should any amounts of the principal or interest remain unpaid after
the maturity date. Each Lender was issued bonus warrants (the
"Bonus Warrants") on the terms as disclosed on September 24, 2024.
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 100%
operating and working interests in thirty-eight (38) licenses
totaling 257,604 acres in two (2) 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
TSXV under the ticker symbol VRY.
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.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities, in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The
securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act"), or any state securities laws and may not be
offered or sold within the United
States unless an exemption from such registration is
available.
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: 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 approval by the TSXV of
the Company's application to extend the Warrants and issuance of
Options; 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.
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.
