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CALGARY, Dec. 28, 2017 /CNW/ - Richard Gonzalez, Executive Chairman of Petro-Victory Energy Corp. (TSX-V: VRY), ("Petro-Victory" or the "Company"), has announced that he has sold 6,400,000 shares of voting common stock (the "Common Shares") of the Company by way of a private agreement, at a price of Cdn. $.03 per share for aggregate consideration of Cdn. $192,000.
The 6,400,000 Common Shares sold represent approximately 2.4% of the outstanding Common Shares of the Company (assuming conversion of all restricted voting shares). Prior to this transaction, Gonzalez held 36,310,912 Common Shares and 52,135,746 Restricted Voting Shares of the Company representing approximately 20% of the issued and outstanding voting securities of the Company on a non-diluted basis and 33% of the issued and outstanding securities of the Company, assuming conversion of the Restricted Voting Shares.
The restricted voting shares are convertible on a 1:1 ratio into Common Shares, at the holder's option.
Gonzalez now holds 29,910,912 Common Shares and 52,135,746 Restricted Voting Shares of the Company representing approximately 17% of the issued and outstanding voting securities of the Company on a non-diluted basis and 31% of the issued and outstanding securities of the Company, assuming conversion of the Restricted Voting Shares.
For further information or to obtain a copy of the report to be filed on SEDAR in respect of such transaction, please contact:
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: our business strategies, management team, oil and gas production, 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 our offerings; our ability to add production and reserves through purchases and 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.
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