Virtus Oil and Gas Corp. f/k/a Curry Gold Corp. (OTCBB:VOIL) Making Its Way Up the Charts Again?
After wiping out nearly 25% off its market price in a matter of five sessions, Virtus Oil and Gas Corp. f/k/a Curry Gold Corp. (OTCBB:VOIL) managed to recover. The following three sessions were positive and the stock gained 30%, and is currently sitting at $1.72. Yesterday it closed up almost 12% on a volume of 1.3 million shares.
On Oct 15 the company filed its latest 10-Q, which covers the three months ended August 31. It shows the following:
- cash: $25.5 thousand
- current assets: $25.5 thousand
- current liabilities: $82.2 thousand
- no revenue
- net loss: $531.3 thousand
The company’s cash situation has improved, although with $632 in the bank listed for the previous quarter, the bar was set pretty low. In any case, the negatives far outweigh the positives – VOIL still has working capital deficit, an increased net loss and even though the cash supply has grown, it is insufficient, keeping in mind that VOIL has a pending payment of $2.5 million.
These $2.5 million have to be transferred thirty days prior to the spud date for the completion and drilling of the test well in Iron County. The spud date was originally planned to be “no later than February 03, 2015”, but after an amendment to the agreement, the date was postponed to “September 01, 2015”. The explanation given was “This was done in an effort to give the Company more time to drill and acquire additional seismic data to delineate additional structural elements”. Aside from being able to collect more seismic data, VOIL will have more time to collect the required funds.
The 10-Q also shows that since January, 2014 up to July, 2014 VOIL has entered into a great deal of Securities Purchase Agreements with an entity called Fieldstone Industries, Inc. VOIL has printed quite a lot of shares to Fieldstone at prices ranging from $0.40 per share, to $0.74, $0.97 and $1.07. It is no wonder that the O/S has grown by 1 048 948 shares since the last quarter. What’s more, VOIL discloses that 125 thousand shares promised to Fieldstone haven’t been issued as of Aug 31, so in reality the number is higher.
It should also be noted that VOIL has been the star of a promotional campaign since July. VOIL was pumped through email alerts, landing pages (this one and this one), articles, a hard mailer and even phone calls. The most recent email alert was from Oct 08, and only time will tell if it will be the last one.
