09:11 AM EDT, 07/22/2025 (MT Newswires) -- Brazil-focused oil and gas company Petro-Victory Energy ( PTVRF ) said overnight Monday that it borrowed US$475,000 and issued unsecured promissory notes to company director Thomas Cooper as well as an arm's length third party.

A statement noted the loans have a one-year term with an annual interest rate of 14% per annum. The lenders will be issued an aggregate of 1,062,123 bonus warrants in connection with the loans, with 502,451 warrants exercisable at $0.61 per share by July 1, 2026 and 559,672 warrants exercisable at the same price by July 7, 2026.

The company also entered into an unsecured promissory note with a private company lender formed by Cooper and other arm's length third parties for a loan of up to US$3 million. This line of credit has a one-year term and bears an annual interest rate of 14% per annum.

The lender will be issued up to 6,747,541 warrants in connection with the line of credit, with 2.25 warrants to be granted for each US$1 of the principal amount advanced under the line credit.

Petro-Victory's share price plunged 31% on Monday to $0.61 on the TSXV.