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DISSEMINATION IN THE UNITED
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CALGARY, Jan. 23, 2020 /CNW/ - Petro-Victory Energy
Corp. ("Petro-Victory" or the "Company") (TSX-V: VRY)
announced today that the Board of Directors has unanimously
approved a consolidation of its share capital on the basis of one
(1) new common share for every existing forty (40) common shares
(the "Consolidation"), subject to regulatory approval,
including approval of the TSX Venture Exchange. Effective on
or about January 27, 2020,
Petro-Victory will complete the Consolidation. Where the
exchange results in a fractional share, the number of common shares
will be rounded up to the nearest whole common share. The
Board of Directors believes that the Consolidation should enhance
the marketability of the common share as an investment and should
facilitate additional financings to fund operations in the
future. Shareholder approval of the Consolidation was
obtained at the annual general and special shareholders meeting
held on November 21, 2019. A new
CUSIP number of G7041T139 replaces the old CUSIP number of
G7041T105, to distinguish between the pre- and post- consolidated
shares. The Company's name and trading symbol will remain
unchanged.
![PETRO-VICTORY ANNOUNCES PROPOSED SHARE CONSOLIDATION (CNW Group/Petro-Victory Energy Corp.) PETRO-VICTORY ANNOUNCES PROPOSED SHARE CONSOLIDATION (CNW Group/Petro-Victory Energy Corp.)](https://mma.prnewswire.com/media/1080981/Petro_Victory_Energy_Corp__Petro_Victory_Announces_Proposed_Shar.jpg)
Commencing at the opening of trading on or about January 27, 2020, the common shares of the
Company will trade on a post-Consolidation basis on the TSX
Venture Exchange. Following the Consolidation, there are
expected to be 6,783,977 Class A common shares and 2,388,375
Class B common shares post-Consolidation shares outstanding.
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, or any state
securities laws and may not be offered or sold within the United States unless an exemption from
such registration is available.
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" 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 Consolidation, 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:,
the completion of the Consolidation, 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 labour 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.