FirstFire also acquires convertible note from Vis Vire Group
By Angela McDaniels
Tacoma, Wash., May 3 – Virtus Oil and Gas Corp. issued a convertible note with a principal balance of $73,795 to FirstFire Global Opportunities Fund, LLC on April 26.
The convertible note matures on Sept. 5, 2016 and accrues interest at a rate of 8% per annum. Interest is payable in stock, in cash or in a combination of cash and stock, according to an 8-K filing with the Securities and Exchange Commission.
The conversion price is 61% of the average of the three lowest trading prices of the common stock during the 10 trading days ending on and including the trading day immediately preceding the conversion date.
The convertible note is callable at 150% of the total outstanding conversion amount.
Virtus issued the convertible note to FirstFire after Vis Vires Group, Inc. agreed to assign a convertible note with a face amount of $58,000 to FirstFire in exchange for a cash payment of $73,795.
Both convertible notes have the same terms.
Virtus is an oil and gas exploration and development company based in Houston.
| Issuer: | Virtus Oil and Gas Corp.
|
| Issue: | Convertible note
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| Amount: | $73,795
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| Maturity: | Sept. 5, 2016
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| Coupon: | 8%, payable in cash, stock or a combination thereof
|
| Conversion price: | 61% of the average of the three lowest trading prices of the common stock during the 10 trading days ending on and including the trading day immediately preceding the conversion date
|
| Call option; | At 150% of the total outstanding conversion amount
|
| Warrants: | No
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| Investor: | FirstFire Global Opportunities Fund, LLC
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| Settlement date: | April 26
|
| Stock symbol: | OTCBB: VOIL
|
| Stock price: | $0.0231 at close May 3
|
| Market capitalization: | $2.23 million
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