Virtus Oil sells $500,000 convertibles via $850,000 private placement

Company sells 7% notes to Himmil Investments through offering

By Devika Patel

Knoxville, Tenn., Aug. 13 – Virtus Oil and Gas Corp. sold two convertible notes of $250,000 each to Himmil Investments, Ltd. in an $850,000 private placement that priced on May 21, according to an 8-K filed Thursday with the Securities and Exchange Commission. The notes settled in May and June.

The 7% first $250,000 note was sold for $350,000 and matures on May 20, 2016.

The 7% second $250,000 note was sold for $500,000 and matures on June 21, 2016.

The principal of the first note was automatically reduced by $100,000 once the company filed a registration statement covering the underlying stock.

The energy company is based in Houston.

Issuer:	Virtus Oil and Gas Corp.
Issue:	Convertible notes
Amount:	$500,000
Price:	$850,000
Coupon:	7%
Warrants:	No
Investor:	Himmil Investments, Ltd.
Pricing date:	May 21
Settlement date:	May, June
Stock symbol:	OTCBB: VOIL
Stock price:	$0.07 at close May 20
Market capitalization:	$87,400
First note
Amount:	$250,000, reduced to $150,000
Maturity:	May 20, 2016
Price:	$350,000
Second note
Amount:	$250,000
Maturity:	June 21, 2016
Price:	$500,000

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