Petro-Victory Energy Corp. (TSX-V:VRY) has wrapped up its private placement, raising US$2.7 million.
The offering saw the Brazil onshore oil company issue 1,205,350 units at a price of C$3 per unit.
Each unit comprises one share and one transferable warrant priced at C$4 per share, granting holders the right to acquire one share for a period of twelve months following the closing date.
The offering price is higher than the current market price of the stock, which was trading around C$2.10 on Wednesday afternoon.
The company has raised close to $7.7 million at the same price over the last year.
Petro-Victory Energy is focused on acquiring, developing, and producing crude oil and natural gas resources in Brazil.
The company maintains 100% operating and working interests in 41 licenses across two producing basins, totaling 272,912 acres. It aims to generate accretive shareholder value through disciplined investments in high-impact, low-risk assets.
--Updated with share price, background--