-- Petro-Victory Energy (VRY.V) on Thursday said it revised terms to the debt settlement transaction of US$500,000 announced on March 22.
The company said it now plans to enter into a debt settlement agreement with 579 Max Ltd to settle outstanding debts of US$1 million owing to the lender by issuing 2.04-million shares of the company at a deemed price of C$0.68 each.
The company said the closing of the shares-for-debt transaction is subject to customary closing conditions, including the exchange approval.
The company plans to close the shares-for-debt transaction as soon as practicable.
The company's shares last traded April 8, closing at $0.65 on the TSX Venture Exchange.