8. Subsequent Events	9 Months Ended
Aug. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	On September 16, 2015, the Company received a conversion notice from the Investor in its convertible notes payable requesting the conversion of $97,000 in principal and $7,275 in accrued interest into 1,008,462 shares of the Company’s common stock. On October 7, 2015, Virtus Oil and Gas Corp. (the “Company”) entered into a securities purchase agreement (the “ Purchase Agreement ”), with an institutional investor (the “ Investor ”) to issue, subject to the terms and conditions of the Purchase Agreement, $600,000 of principal amount of a senior convertible note (the “ Convertible Note ”) of the Company convertible into shares of the Company’s common stock, $0.001 par value per share (the “ Common Stock ”). The Company will file, upon request, a registration statement to register the resale rights of all the shares of Common Stock issuable under the Convertible Note (“Registration Statement”). Pursuant to the Purchase Agreement, on October 7, 2015, the Company sold the Investor a Convertible Note in an original principal amount of $600,000 for a purchase price of $375,000, giving effect to a $25,000 discount. The Convertible Note matures on October 7, 2016 and accrues interest at a rate of 7% per annum. The Convertible Note is convertible at a conversion price equal to the lesser of (i) the product of (x) the arithmetic average of the lowest volume weighted average prices of the Common Stock during the twelve consecutive trading days ending and including the trading day immediately preceding the applicable conversion date and (y) 65%, and (ii) $0.30 (as adjusted for stock splits, stock dividends, stock combinations or other similar transactions). Interest on the Convertible Note is payable in shares of Common Stock, in cash or in a combination of cash and Common Stock. Upon any conversion or redemption of any outstanding principal amount of a Convertible Note prior to maturity, the Investor is entitled to receive an interest make-whole equal to the amount of interest that would have accrued on such converted or redeemed principal amount from such conversion date or redemption date, as applicable, at the applicable interest rate through the stated maturity date. If (i) the Company has properly filed the Registration Statement with the Securities and Exchange Commission (the “ SEC ”) covering the resale by the Investor of shares of the Common Stock issued or issuable upon conversion of the Convertible Note on or before the later of (A) the 20^th calendar day after the Investor delivers written notice to the Company electing to require the filing of the Registration Statement, and (B) the 30^th calendar day after the Investor delivers written notice to the Company electing to require the filing of the Registration Statement if such notice is delivered on or after November 30, 2015 (the “Filing Deadline”), (ii) the Registration Statement is declared effective by the SEC on or prior to the earlier of (A) the 40^th calendar day after the Filing Deadline (or in the event that such Registration Statement is subject to a limited or full review by the SEC, the later of (I) the 70^th calendar day after the Filing Deadline provided the Filing Deadline is before November 30, 2015 and (II) the 90^th calendar day after the Filing Deadline if the Filing Deadline is on or after November 30, 2015) and (B) the fifth trading day after the date the Company is notified by the SEC that such registration statement will not be reviewed or will not be subject to further review (“Effectiveness Deadline”), and the prospectus contained therein is available for use by the Investor for its resale of the shares of Common Stock issued or issuable upon conversion of the Convertible Note, and (iii) no event of default, or an event that with the passage of time or giving of notice would constitute an event of default has occurred on or prior to such date, then the outstanding principal amount of the Convertible Note shall be reduced by $200,000 (together with any accrued and unpaid interest and late charges thereon).

8. Subsequent Events

9 Months Ended

Aug. 31, 2015

On September 16, 2015, the Company received a conversion notice from the Investor in its convertible notes payable requesting the conversion of $97,000 in principal and $7,275 in accrued interest into 1,008,462 shares of the Company’s common stock.

On October 7, 2015, Virtus Oil and Gas Corp. (the “Company”) entered into a securities purchase agreement (the “ Purchase Agreement ”), with an institutional investor (the “ Investor ”) to issue, subject to the terms and conditions of the Purchase Agreement, $600,000 of principal amount of a senior convertible note (the “ Convertible Note ”) of the Company convertible into shares of the Company’s common stock, $0.001 par value per share (the “ Common Stock ”). The Company will file, upon request, a registration statement to register the resale rights of all the shares of Common Stock issuable under the Convertible Note (“Registration Statement”).

Pursuant to the Purchase Agreement, on October 7, 2015, the Company sold the Investor a Convertible Note in an original principal amount of $600,000 for a purchase price of $375,000, giving effect to a $25,000 discount. The Convertible Note matures on October 7, 2016 and accrues interest at a rate of 7% per annum. The Convertible Note is convertible at a conversion price equal to the lesser of (i) the product of (x) the arithmetic average of the lowest volume weighted average prices of the Common Stock during the twelve consecutive trading days ending and including the trading day immediately preceding the applicable conversion date and (y) 65%, and (ii) $0.30 (as adjusted for stock splits, stock dividends, stock combinations or other similar transactions). Interest on the Convertible Note is payable in shares of Common Stock, in cash or in a combination of cash and Common Stock. Upon any conversion or redemption of any outstanding principal amount of a Convertible Note prior to maturity, the Investor is entitled to receive an interest make-whole equal to the amount of interest that would have accrued on such converted or redeemed principal amount from such conversion date or redemption date, as applicable, at the applicable interest rate through the stated maturity date.

If (i) the Company has properly filed the Registration Statement with the Securities and Exchange Commission (the “ SEC ”) covering the resale by the Investor of shares of the Common Stock issued or issuable upon conversion of the Convertible Note on or before the later of (A) the 20^th calendar day after the Investor delivers written notice to the Company electing to require the filing of the Registration Statement, and (B) the 30^th calendar day after the Investor delivers written notice to the Company electing to require the filing of the Registration Statement if such notice is delivered on or after November 30, 2015 (the “Filing Deadline”), (ii) the Registration Statement is declared effective by the SEC on or prior to the earlier of (A) the 40^th calendar day after the Filing Deadline (or in the event that such Registration Statement is subject to a limited or full review by the SEC, the later of (I) the 70^th calendar day after the Filing Deadline provided the Filing Deadline is before November 30, 2015 and (II) the 90^th calendar day after the Filing Deadline if the Filing Deadline is on or after November 30, 2015) and (B) the fifth trading day after the date the Company is notified by the SEC that such registration statement will not be reviewed or will not be subject to further review (“Effectiveness Deadline”), and the prospectus contained therein is available for use by the Investor for its resale of the shares of Common Stock issued or issuable upon conversion of the Convertible Note, and (iii) no event of default, or an event that with the passage of time or giving of notice would constitute an event of default has occurred on or prior to such date, then the outstanding principal amount of the Convertible Note shall be reduced by $200,000 (together with any accrued and unpaid interest and late charges thereon).

Virtus Oil & Gas Corp. 10-Q