NEW YORK, Sept. 28, 2016 (GLOBE NEWSWIRE) -- PHI Group (www.phiglobal.com) (OTC Markets:PHIL), a U.S. diversified holding company engaged in mergers and acquisitions, announced today that the Company has received a large portion of the first drawdown of $2.75 million from the $50-million financing facility previously committed by Milost Global, Inc., a U.S. private equity firm, and expects to receive additional funds from Milost Global, Inc. for acquisition and working capital purposes.
The drawdown is in the form of a convertible note bearing interest at the rate of 5% per annum and convertible to PHI Group, Inc.’s common stock at the purchase price of $2 per share minus 20% discount. The Company intends to use the proceeds of the first drawdown to fund part of the acquisition of an agriculture company in the Southeastern United States and to defray due diligence and closing costs of the South African mining service target, the Canadian educational company and the agriculture company as well as provide for short-term working capital.
Henry Fahman, Chairman and CEO of PHI Group, stated: “We cannot overemphasize the importance of having both Milost Advisors, Inc. and Milost Global, Inc. as our partners in our acquisition strategy. Their commitment and ability to deliver on it in a timely manner enable us to implement a value-creating buyout and investment program designed to benefit our shareholders and all stakeholders.”
Ronald Spratt, CEO of Milost Global, Inc., added: “We are very pleased to work with PHI Group and look forward to building a mutually-rewarding, fruitful long-term business relationship. This drawdown is the first one of many tranches to come to provide the necessary resources for PHI Group to execute its mergers and acquisitions strategy.”
Nigel Buxton, Chief Investment Officer of Milost Global Inc. said: “Milost Global is happy to support companies like PHI Group which have the vision and also grasp the opportunities on the market.”
About PHI Group, Inc.
PHI Group, Inc., a U.S. publicly traded company established in 1982, is in the process of acquiring controlling interests in a number of targets in the areas of conventional energy, renewables, natural resources and special situations with intention to build a critical mass and uplist to the Nasdaq Stock Market or NYSE as soon as practical.
About Milost Global Inc
Milost is an American Private Equity Firm that is headquartered in Birmingham, Alabama. With more than $10 billion in committed capital, Milost is at the forefront of creative investing and is the epitome of value creation. The creator of 'MESA', one of the world's most creative, innovative and contemporary equity investment facilities for publicly quoted companies all around the world, Milost is swiftly becoming a leader in both the buyout and alternative capital markets.
Milost is also a specialist provider of alternative capital, mezzanine finance and alternative lending to a broad range of industries across the globe including Technology, Transportation, Cannabis, Education, Distribution, Mining, Oil & Gas, Financial Services, Healthcare, Pharmaceuticals and Real Estate.
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