07:50 AM EDT, 09/19/2025 (MT Newswires) -- Brazil-focused oil and gas company Petro-Victory Energy ( PTVRF ) announced overnight Thursday, that it intends to complete a non-brokered private placement of common shares at C$1.50 each for up to US$2.3 million.

Proceeds will be used for general working capital and capital expenditures related to the development of existing fields. The closing of the offering is anticipated on or about September 26.

In regard to the previously announced binding memorandum of understanding with Azevedo & Travassos Energia (ATE) dated July 2, the company said ATE did not meet the conditions precedent related to the capital raise. Petro-Victory Energy ( PTVRF ) said it is in discussions with ATE to evaluate appropriate modifications for the continuance of the business combination.

On Sept. 3, the 3-AND-5-RN well was completed with a progressing cavity pump, and a production test at the Andorinha Field gathering station is now underway. The company said monitoring will focus on fluid production trends, reservoir pressure response, and water cut stabilization to guide reservoir evaluation and define next development steps.

The company has also extended short-term promissory notes totaling about $4.4 million, now maturing in July 2026. As consideration for the extension, Petro-Victory Energy ( PTVRF ) granted each lender new bonus warrants with like terms effectively extending the original warrants until the new term.