18 July 2016late filing notice▼ Bad
Virtus Oil & Gas Corp. notified the SEC that its quarterly report would be filed late.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 July 2016substantial holder notice● Neutral
TANGIERS INVESTMENT GROUP, LLC. EIN disclosed a new substantial Virtus Oil & Gas Corp. shareholding (9.99% of votes).
3 May 2016capital raising announcement▼ Bad
On April 26, 2016, a $58,000 convertible note held by Vis Vires Group was sold to FirstFire Global Opportunities Fund for $73,795 in cash. Virtus issued FirstFire a new 8% note with $73,795 principal, maturing September 5, 2016, on the same terms as the original. It converts at 61% of the average of the three lowest trading prices in the prior ten trading days (4.99% holder cap), so it can dilute existing shareholders. This is another convertible note on top of the Himmil notes; the filing does not say Virtus received any new cash.
26 Apr 2016quarterly activities report▼ Bad
Virtus Oil & Gas Corp. reported quarterly revenue of $0 and a net loss of $1.1 million for the period ended 2016-02-29.
25 Apr 2016quarterly activities report▼ Bad
Virtus Oil & Gas Corp. reported quarterly revenue of $0 and a net loss of $1.1 million for the period ended 2016-02-29.
15 Apr 2016late filing notice▼ Bad
Virtus Oil & Gas Corp. notified the SEC that its quarterly report would be filed late.
1 Mar 2016late filing notice▼ Bad
Virtus Oil & Gas Corp. notified the SEC that its annual report would be filed late.
21 Oct 2015securities registration● Neutral
Virtus Oil & Gas Corp. filed the final prospectus for a registered offering.
20 Oct 2015quarterly activities report▼ Bad
Virtus Oil & Gas Corp. reported quarterly revenue of $0 and a net loss of $933 thousand for the period ended 2015-08-31.
14 Oct 2015late filing notice▼ Bad
Virtus Oil & Gas Corp. notified the SEC that its quarterly report would be filed late.
14 Oct 2015capital raising announcement▼ BadMajor
On October 7, 2015 Virtus sold an institutional investor a 7% convertible note with $600,000 principal for a $375,000 purchase price (after a $25,000 discount), maturing October 7, 2016. $200,000 of principal is cancelled if a resale registration is filed and declared effective on time. It converts at the lower of 65% of a recent low-price average or $0.30 (50% if registration lapses), so it can dilute existing shareholders. This adds to the earlier convertible notes from the Himmil financing.
13 Aug 2015material agreement● NeutralMajor
This amendment updates the May 2015 convertible note financing with investor Himmil Investments, Ltd. Three notes have been sold (May, June, and a $300,000 note on August 11, 2015), and $100,000 on the initial note and $250,000 on the first additional note were automatically extinguished with no cash payment because the resale registration statement was filed and declared effective in time. Total convertible notes outstanding are now $800,000 principal. The figures in this amendment's text differ from the original May 8-K on how principal versus purchase price are stated, so the exact amounts should be checked against the notes.
11 Aug 2015securities registration● Neutral
Virtus Oil & Gas Corp. filed the final prospectus for a registered offering.
5 Aug 2015securities registration● Neutral
Virtus Oil & Gas Corp. amended a filing by which it registered a securities offering with the SEC.
26 June 2015securities registration● Neutral
Virtus Oil & Gas Corp. registered a securities offering with the SEC.
19 June 2015quarterly activities report▼ Bad
Virtus Oil & Gas Corp. reported quarterly revenue of $0 and a net loss of $590 thousand for the period ended 2015-05-31.
4 June 2015securities registration● Neutral
Virtus Oil & Gas Corp. filed notice of an exempt private placement.
3 June 2015substantial holder notice● Neutral
Rupert Ireland reported a Virtus Oil & Gas Corp. shareholding of 5,200,000 shares (10.20% of votes) in a periodic institutional filing.
3 June 2015director interest notice● Neutral
Virtus Oil & Gas Corp. 10%+ owner Daniel M. Ferris disposed of 23,800,000 shares via option/appreciation-right settlement.
3 June 2015director interest notice● Neutral
Virtus Oil & Gas Corp. President, CEO, Sec & Treas Rupert Ireland disposed of 23,800,000 shares via option/appreciation-right settlement.
26 May 2015capital raising announcement▼ BadMajor
Virtus agreed to issue up to $1,150,000 of 7% senior convertible notes to an institutional investor, and on May 22, 2015 sold an initial note of $350,000 principal for $250,000. Further notes of $500,000 (for $250,000, on June 21, 2015) and $300,000 (for $300,000, after the resale registration statement becomes effective) are subject to conditions. The notes convert at the lower of 65% of a recent low-price average or $0.75, so existing shareholders can be diluted, and the company must register the resale shares by July 6, 2015. This is Virtus's first disclosed debt financing, and it adds funding that could be used toward the drilling obligations.
9 Apr 2015material agreement● NeutralMajor
Virtus changed its drilling commitment under the TJBB leases: the 12,000-foot test well is replaced by a 7,000-foot initial test well (or deep enough to test the Jurassic-Navajo) to be completed by July 30, 2015, or it forfeits its interests in the leases. TJBB's 12.5% working interest is carried through drilling and completion of the initial test well, and TJBB received 50,000 restricted shares. Virtus also signed a drilling contract with Energy Drilling, LLC for a 7,000-foot vertical well in Iron County, with a $110,000 mobilization fee, $11,900 per day, a $110,000 demobilization fee, plus actual equipment, labor, services and permit costs. This sets a much earlier and cheaper drilling deadline than the earlier ~$2.5M well due September 1, 2015 (the filing's deadline for the 12,000-foot well is moved to March 1, 2016).
2 Apr 2015quarterly activities report▼ Bad
Virtus Oil & Gas Corp. reported quarterly revenue of $0 and a net loss of $537 thousand for the period ended 2015-02-28.
3 Mar 2015late filing notice▼ Bad
Virtus Oil & Gas Corp. notified the SEC that its annual report would be filed late.
28 Jan 2015auditor change● Neutral
Virtus dismissed its auditor M & K CPAS, PLLC and appointed LBB & Associates Ltd., LLP on January 26, 2015. The filing says there were no disagreements with M & K, and that M & K's report on the year ended November 30, 2013 included a going-concern uncertainty (the filing says this was also in its report for the most recent fiscal year).
15 Oct 2014quarterly activities report▼ Bad
Virtus Oil & Gas Corp. reported quarterly revenue of $0 and a net loss of $521 thousand for the period ended 2014-08-31.
20 Aug 2014asset acquisition disposition▲ GoodMajor
Virtus completed its purchase of the Tidewater leases (about 36,787 acres, Parowan Prospect, Iron County, Utah) on August 19, 2014, after making the final payment on August 1, 2014. It holds an 87.5% working interest and 80% net revenue interest for the agreed $290,000, resolving the open question of whether the Tidewater instalments would be paid and the leases assigned. The TJBB leases are not yet transferred; they pass only after the final $75,000 payment due September 28, 2014. The filing reports 49,708,511 shares outstanding on August 19, 2014, with Ireland holding 28,000,000 (56.3%).
15 July 2014quarterly activities report▼ Bad
Virtus Oil & Gas Corp. reported quarterly revenue of $0 and a net loss of $563 thousand for the period ended 2014-05-31.
9 July 2014material agreement● Neutral
This amendment was filed only to attach the seismic data licence agreement with Seismic Exchange, Inc. as an exhibit to the July 8, 2014 report. It carries no new information.
8 July 2014substantial holder notice● Neutral
Rupert Ireland disclosed a new substantial Virtus Oil & Gas Corp. shareholding (57.37% of votes).