Victory Energy Corporation Enter into Second Amendment to the Loan Agreement and Note with Visionary Private Equity Group I, LP
January 17, 2018 at 05:31 pm
Share
On January 17, 2018, Victory Energy Corporation (Company) and Visionary Private Equity Group I, LP (VPEG) entered into a second amendment to the Loan Agreement and Note (the “Amendment No. 2”), pursuant to which the parties agreed to extend the maturity date to a date that is five business days following VPEG’s written demand for payment on the Note; that VPEG will have the option but not the obligation to loan the company additional amounts under the Note on the same terms upon the written request of the company; and that, in the event that VPEG exercises its option to convert the Note into shares of the company’s common stock at any time after the maturity date and prior to payment in full of the principal amount of the Note, the company shall issue to VPEG a five year warrant to purchase a number of additional shares of common stock equal to the number of shares issuable upon such conversion, at an exercise price of $1.52 per share and containing a cashless exercise feature and such other provisions as mutually agreed to by the company and VPEG. The number of shares that will be issuable pursuant to the warrant, if issued and exercised will be, and the exercise price to purchase such shares was, calculated on a post Reverse Split basis. As previously reported on October 17, 2017, the company and VPEG entered into an amendment to the Loan Agreement and Note, dated October 11, 2017 (“Amendment No. 1”), pursuant to which the parties agreed to increase the loan amount to $565,000, increase the principal amount of the Note to $621,500, reflecting an original issue discount of $56,500 and extend the maturity date to November 30, 2017.
Victory Clean Energy, Inc., formerly Victory Oilfield Tech, Inc., is a green hydrogen energy company. It is engaged in developing and implementing clean, sustainable low-cost energy solutions with applications across various industries, including transportation, power generation, and industrial processes. Its TrueGreen Hydrogen production solutions provide clean, reliable, and cost-effective energy sources to a diverse range of clients. TrueGreen Hydrogen focuses on decarbonization in heavy transportation and industrial hydrogen markets. Its hydrogen production technology uses completely sustainable and renewable biomass to produce green hydrogen. Its Net Zero Energy Group specializes in providing sustainable and renewable energy solutions, offering both hydrogen energy solutions derived from renewable sources and completely sustainable prime power generated from biomass. Its Biomass Development Group, LLC, specializes in the cultivation, processing, and distribution of biomass.