PHI GROUP, INC. (OTCMKTS:PHIL) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry Into a Material Definitive Agreement.
On May 26, 2017, PHI Group, Inc. (the Company) entered into a
Private Stock Purchase and Sale Agreement (Agreement) to purchase
51% of equity ownership in Maxagro Farm SRL (MXG), a Romanian
company, in exchange for cash or stock of the Company (or of a
Companys subsidiary). The fair value of the transaction will be
determined by both parties after the completion of a business
valuation of MXG by one or more reputable, qualified independent
business valuation firms and the financial audits of MXG by a
PCAOB-registered auditing firm. This transaction is scheduled to
close on or before August 08, 2017, unless extended by mutual
consent of both parties.
The foregoing description of Private Stock Purchase and Sale
Agreement by and between the Company and MXG is qualified in its
entirety by reference to the full text of said Agreement, which
is filed as Exhibit 10.1 to this Current Report on Form 8-K and
incorporated herein by reference. The Company issued a press
release on May 31, 2017 regarding entry into the Private Stock
Purchase and Sale Agreement, which is attached as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| No. | Description | |
| 10.1 |
Private Stock Purchase and Sale Agreement by and between PHI Group, Inc. and Maxagro Farm SRL, dated as of May 26, 2017. |
|
| 99.1 | Press Release issued May 31, 2017. |
to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
About PHI GROUP, INC. (OTCMKTS:PHIL)
PHI Group, Inc. is engaged in mergers and acquisitions. The Company focuses on acquiring operating businesses in selective industries and invests in various ventures that may create long-term value for its shareholders. In addition, the Company also provides corporate finance services, including merger and acquisition advisory and consulting services for client companies through its subsidiary, PHI Capital Holdings, Inc. The Company’s business involves acquisitions of energy assets, as well as production and trading of energy commodities. The Company will continue to pursue its merger and acquisition program by acquiring all or controlling interests in target companies in various industries, including but not limited to conventional energy, renewables, natural resources, agribusiness, technology, transportation, education, distribution, mining, oil and gas, financial Services, healthcare and pharmaceuticals. PHI GROUP, INC. (OTCMKTS:PHIL) Recent Trading Information
PHI GROUP, INC. (OTCMKTS:PHIL) closed its last trading session 00.0000 at 0.0415 with 50,400 shares trading hands.
