PHI Group, Inc. (OTC: PHIL) a U.S. public company focusing on acquisitions and investments in natural resources, other select industries and special situations, announced today that it has signed a term sheet with Azure Capital (the "Investor") for a $10 million equity line facility to fund working capital and potential acquisition needs. According to the term sheet, the Investor will commit to purchase up to $10,000,000 of the Company's stock over the course of 36 months, after a registration statement of the Company's stock has been declared effective by the U.S. Securities and Exchange Commission ("SEC"). Read the full PHI Group news at: http://marketnewsupdates.com/news/phil.html
The Company may in its discretion draw on the facility from time to time as and when the Company determines appropriate in accordance with the terms and conditions of the Investment Agreement and Registration Rights Agreement to be signed by the Investor and the Company. Henry Fahman, Chairman and Chief Executive Officer of the Company, stated, "The availability of this equity line enables the Company to raise capital as needed in a highly efficient manner. The combination of acquisition expenses, budgeting for the EB-5 Investor Visa Program, new product development, enhanced marketing and other corporate projects warrants that setting up this facility is prudent. There are no options or warrants associated with the equity line. We will seek to use the equity line, to the extent needed, at such times as are appropriate in view of the Company's needs, market conditions and other factors."
In other industry news and developments:
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