/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, Feb. 16, 2022 /CNW/ - Petro-Victory Energy Corp.
("Petro-Victory" or the "Company") (TSXV: VRY) is pleased to
announce that the private placement announced on February 10, 2022 ("Placing") will be completed
as a Unit private placement. The subscription receipt
financing structure is no longer required as the Personal
Information Form of the lead investor has been cleared by the TSX
Venture Exchange Inc. ("TSXV"). This will greatly reduce
costs of the offering.
![Petro-Victory Energy Corp. Logo (CNW Group/Petro-Victory Energy Corp.) Petro-Victory Energy Corp. Logo (CNW Group/Petro-Victory Energy Corp.)](https://mma.prnewswire.com/media/1747623/Petro_Victory_Energy_Corp__Petro_Victory_Energy_Corp__Announces.jpg)
It is the intention of the Company to complete the private
placement offering of up to 5,500,000 units at a price of
CAD$2.00 per unit, for gross proceeds
of up to CAD$11,000,000. Each unit
will consist of: (i) one common share in the capital of the
Company ("Common Share"), (ii) one-half of one (1/2) transferable
share purchase warrant entitling the holder thereof to acquire one
Common Share at a price of CAD$2.25
per share, and (iii) one-half of one (1/2) transferable share
purchase warrant entitling the holder thereof to acquire one
Common Share at a price of CAD$2.75
per share (collectively the "Warrants"). The rights under the
Warrants will last for a period of twenty-four (24) months
following the closing date.
Management and Directors will participate in the placement for a
total of approximately CAD$359,000. A
portion of the proceeds of the Placing will be used to repay short
term loans advanced by certain insiders to the Company. These
advances were made for operating capital, regulatory and other
compliance fees.
All securities issued in connection with the Placing will not be
able to be traded in Canada, or
through the facilities of the TSX Venture Exchange, for a period
of four months and one day from the date of closing.
The closing of the offering is expected to occur on, or about,
February 18, 2022, and is subject to
regulatory approval, including approval of the TSXV. For
further details on the offering, please contact the Company and
review the news release dated February
10, 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 100%
operating and working interests in nineteen (19) licenses totaling
129,524 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 TSX
Venture Exchange ("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: 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.
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.