/THIS RELEASE IS INTENDED FOR DISTRIBUTION
OUTSIDE THE UNITED STATES ONLY AND
IS NOT AUTHORIZED FOR DISTRIBUTION WITHIN THE UNITED STATES/
CALGARY, June 30, 2016 /CNW/ - Petro-Victory Energy
Corp. ("Petro-Victory" or the "Company") is pleased to announce
that certain insiders of the Company, who are residents of
the United States, have elected to
convert a portion of their common shares of the Company ("Common
Shares") into restricted voting shares of the Company ("Restricted
Voting Shares") so that the Company continues to qualify as a
Foreign Private Issuer in the United
States.
The Common Shares are being converted in order to maintain the
threshold of less than 50 percent of the Common Shares being
directly or indirectly held of record by residents of the United States and the Company therefore,
qualifies as a Foreign Private Issuer in the United States. The restricted voting
shares are convertible on a 1:1 ratio into Common Shares, at the
holder's option.
As a result of the conversion, Harvison Capital Management, LLC,
of Fort Worth, Texas, will now
hold 19,591,857 Common Shares and 38,399,254 Restricted Voting
Shares representing approximately 16.2% of the issued and
outstanding voting securities of the Company on a non-diluted basis
and 30.3% of the issued and outstanding securities of the Company,
assuming conversion of the Restricted Voting Shares.
As a result of the conversion, Richard
F. Gonzalez, Chief Executive Officer of the Company, will
hold 16,397,588 Common Shares and 32,135,746 Restricted Voting
Shares of the Company representing approximately 13.6% of the
issued and outstanding voting securities of the Company on a
non-diluted basis and 25.4% of the issued and outstanding
securities of the Company, assuming conversion of the Restricted
Voting Shares.
Cautionary Note
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) 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,
including management's assessment of 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", "shall" 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: shareholdings of the
Company, our business strategies, and plans and objectives. These
forward-looking statements are based on certain key assumptions
regarding, among other things: current industry conditions, and
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.