V2Y Corp. (SGX:V2Y) submitted drawdown notices to two of its placees, Asyraf Bin Azman and Teng Jun Jie to draw down a total convertible loan amount of SG$900,000, according to a filing with the Singapore Exchange on Wednesday.
Asyraf delivered a cashers' order for a loan amount of SG$450,000 on the same day while the company expects to receive a similar order from Jie this week.
Pursuant to the placement agreements, the company will repay the loans without interest by allotting and issuing conversion shares.
Earlier, the financial services company had entered into placement agreements with Asyraf, Jie and Ang Wei Felix for the placement of 135,135,136 shares in the capital of the company at SG$0.0148 per share and a total aggregate placement amount of SG$2.0 million.
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