Petro-Victory Energy Corp. (TSX-V:VRY) has announced a series of corporate updates, including the extension of the exercise period for common share purchase warrants, the granting of new stock options, and the closing of its September 2024 short-term debentures.
The company has extended the expiry date for its warrants, initially issued in October 2023, by twelve months, with the new expiration set for October 31, 2025.
These warrants are exercisable at $4 per share, and the extension is subject to TSX Venture Exchange (TSXV) approval.
In September 2024, Petro-Victory granted 871,130 stock options to its directors, officers, employees, and consultants. The options, exercisable at $1.25 per share, will vest annually over three years and expire in September 2029.
The grant is in accordance with the company’s stock option plan and is also pending TSXV approval.
The company also announced the final approval for the issuance of unsecured promissory notes to 579 Max Ltd., Chris Cooper, and an unrelated third party.
The loans carry an annual interest rate of 14%, increasing to 18% if unpaid after the maturity date. Bonus warrants were issued to the lenders as previously disclosed.
Petro-Victory Energy is focused on the acquisition and development of oil and gas resources in Brazil, where it holds 100% operating interests in 38 licenses spanning 257,604 acres.