Company sells 7% convertible notes due Oct. 7, 2016 through offering
By Devika Patel
Knoxville, Tenn., Oct. 14 – Virtus Oil and Gas Corp. sold $600,000 of convertible notes in a $575,000 private placement on Oct. 7, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The 7% note matures on Oct. 7, 2016. It may be redeemed in whole, but not in part, at 130. It converts to common stock at a conversion price equal to the lesser of the product of the arithmetic average of the lowest volume weighted average prices of the stock during the 12 consecutive trading days immediately preceding the conversion date and 65% and $0.30.
The energy company is based in Houston.
| Issuer: | Virtus Oil and Gas Corp.
|
| Issue: | Convertible notes
|
| Amount: | $600,000
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| Maturity: | Oct. 7, 2016
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| Price: | $575,000
|
| Coupon: | 7%
|
| Call: | At 130
|
| Conversion price: | The lesser of the product of the arithmetic average of the lowest volume weighted average prices of the stock during the 12 consecutive trading days immediately preceding the conversion date and 65% and $0.30
|
| Warrants: | No
|
| Settlement date: | Oct. 7
|
| Stock symbol: | OTCBB: VOIL
|
| Stock price: | $0.12 at close Oct. 6
|
| Market capitalization: | $7.23 million
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