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CALGARY,
AB, March 21, 2023 /CNW/ - Petro-Victory
Energy Corp. ("Petro-Victory" or the "Company") (TSXV: VRY) is
pleased to announce that, further to its News Release dated
March 16, 2023, it has increased the
size of its non-brokered private placement of units ("Units") from
up to US$2.7 million to US$4 million (the "Offering").
Each Unit will be priced at CAD$3.00 per Unit and will consist of one common
share in the capital of the Company (a "Common Share") and one
transferable common share purchase warrant (a "Warrant") entitling
the holder thereof to acquire one Common Share at a price of
CAD$4.00 per share exercisable for a
period of twelve (12) months following the closing date.
The net proceeds from the Offering will be used for general
working capital. The Corporation reserves the right to further
increase the Offering to US$5
million.
The closing of the Offering is expected to occur on, or about
March 23, 2023, and is subject to
regulatory approval, including approval of the TSXV.
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 thirty-eight (38) licenses
totaling 257,604 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.