As per the LoI, PHI will acquire all of the issued and outstanding capital interests of GSWP in exchange for 30% common stock of PHI Group.
GSWP will receive working capital from PHI Group to implement its business plan.
PHI will also provide a special compensation for the key officers and staff of GSWP from a reserved percentage of future net profits from the GSWP’s project in Eastern Africa.
A definitive agreement will be signed between both companies within 30 days after the signing of LoI to complete the proposed transaction.