PHI Group announces private placement of $60m

PHI Group, a US public company engaged in energy and natural resources, has filed a form D with the Securities and Exchange Commission for a $60 million (€55 million) private placement under the auspices of Rule 506(c) of Regulation D for accredited and institutional investors.

The placement has been structured by offering 40 million investment units at the price of $1.50 per unit, each consisting of a Class A Preferred Share and a Warrant.

Management intends to use the proceeds of this offering to acquire a 120,000 tonne per year operational wood pellet plant in the southeastern US, and build a new 200,000 tonne per year wood pellet plant in Florida, among other projects.