14th Mar 2016 13:57
LONDON (Alliance News) - MoneySwap PLC, which provides payments services to merchants, on Monday said it has raised USD150,000 by issuing a new convertible loan note, which is unsecured, carries interest at the rate of 5.0% per annum and repayable in March 2018.
MoneySwap said the loan note may be converted into new ordinary shares on March 11, 2018, with the decision being up to the company, at a price equal to the average price of its shares for the 10 business days prior to the conversion date.
Leading Empire Group, a privately held investment company registered in British Virgin Islands, subscribed for the convertible loan note, MoneySwap said, adding that the investor has "no current connections with the company".
MoneySwap said it is in talks for Leading Empire to subscribe for "further tranches of the convertible loan of a similar amount".
"The issue of the convertible loan is being undertaken prior to the company undertaking more substantial funding in the near future which will be sufficient to fund the company's development over the next two years. Discussions with potential sources of this development funding package continue and further announcements will be made in due course," MoneySwap said.
Shares in MoneySwap were untraded on Monday afternoon, having last traded at 0.1 pence.
By Samuel Agini; [email protected]; @samuelagini
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