Pernix Group Inc (OTCPK:PRXG) announced that it has entered into a stock purchase agreement for a private placement of 1,800,000 shares of series C cumulative convertible preferred stock at a price of $10 per share for gross proceeds of $18,000,000 on June 26, 2015. The transaction included participation from existing investors Ernil Continental SA and Halbarad Group, Ltd., BVI, which have invested $9,900,000 and $8,100,000, respectively. The company issued securities pursuant to exemption provided under Regulation D. The company at its option may convert each preferred share into one common share of the company upon 30 days' written notice to the holder of such preferred shares and subject to adjustment for certain anti-dilution provisions.

Dividends will cease to accrue on preferred shares on the date of any such conversion. There were no underwriting discounts or commissions offered in the transaction to investors.