NEW YORK, June 12, 2017 (GLOBE NEWSWIRE) -- Tec CTL, Inc., a New York-based integrated oil & gas Company announced today that it HAS signed a binding commitment letter with Milost Global, Inc. for the $3 billion working capital facility and both the Company and the investor will be working on the closing documents. The Company also goes on to announce that is has completed a good faith draw down under its previously announced $3 billion working capital facility (“MESA”) in the principal amount of $10 million, the proceeds of which have already been received by the Company in its banking account on June 12, 2017. Milost Global, Inc. under the facility (MESA) will receive senior secured exchangeable notes of the Company (”the Notes”) at a premium price of 200%, bearing an annual interest rate of 5% and repayable quarterly. The financing was arranged, negotiated and secured on our behalf by Palewater Advisory Group and we are excited to be working with them in the future.

Tec CTL Signs a $3 Billion Working Capital Facility With Milost Global

NEW YORK, June 09, 2017 (GLOBE NEWSWIRE) -- Tec CTL, Inc., a New York-based integrated oil & gas Company, announced today that it has signed a financing term sheet of up to $3 billion with Milost Global, Inc., an American Private Equity firm. This is a working capital facility for the company which is being provided as a combo of Debt and Equity, of which $2 billion will be an equity facility and $1 billion will be debt facility. Both the company and the investor are expected to sign a commitment letter as the transaction heads to closing.

Last week we announced the receiving of a commitment letter to off-take a total of 20,000 bpd from the government of Botswana through its subsidiary company Botswana Oil Limited. Tec CTL is currently negotiating other off-take agreements with other potential off-take partners that will see a total of 80,000 bpd being purchased from our 4 Botswana plants by 2019 and that will translate to a total of at least $1.4 billion in annual revenues.

Ogaisitse Khama, Vice-Executive Chairman of Tec CTL, commented: “After receiving a commitment from Botswana Oil Limited last week, it is becoming rather evident that we are making headway towards becoming the first integrated Oil & Gas Company to develop a CTL project that will produce Synfuels in Botswana. This financing becomes a cornerstone to a build-up to our IPO that will help us trade on the New York Stock Exchange.”

PHI Group Secures $100 Million Commitment to Finance Acquisition and Growth

NEW YORK, Sept. 08, 2016 (GLOBE NEWSWIRE) -- PHI Group ( (OTC Markets:PHIL), a U.S. diversified holding company engaged in mergers and acquisitions announced today that the Company has signed an agreement with Milost Global, Inc., a U.S. private equity firm, for a commitment of up to $100 million to finance the Company's future acquisitions and provide for working capital needs. Investment in the amount of USD 50 million will be as equity and USD 50 million as loans.

According to the agreement, Milost is willing to invest $15 million for working capital needs of PHI Group, which amount can be drawn down in tranches at a minimum of $500,000 until fully utilized. Milost will receive shares of common stock in PHI Group for the equity investments with a price per share on the basis of 10-day's Volume-Weighted Average at a discount of 20% at the time of issuance. The first drawdown will be made in the next five days.

PHI Group Receives the First Drawdown from the $50-million Milost Equity Subscription Agreement

NEW YORK, Sept. 28, 2016 (GLOBE NEWSWIRE) -- PHI Group ( (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.