Petro-Victory Energy Corp. (TSX-V:VRY) has announced the completion of a $500,000 short-term borrowing arrangement, through unsecured promissory notes.
The loans were sourced from four lenders, including 579 Max Ltd., Richard Gonzalez, Thomas Cooper, and an arm's-length third party.
The loans bear interest at an annual rate of 14% until maturity. As part of the financing agreement, the lenders received bonus warrants exercisable at C$0.86.