Mooreast looks for alternative funding after deposit for $20.01 million convertible loan deposit missed deadline
The convertible loan was to be from a fund by N PrimePartners Capital
Mooreast Holdings is looking for alternative funding after it did not receive a $1 million deposit for a $20.01 million convertible loan by the Dec 31 2024 deadline.
"The company is exploring various options to resolve the matter. The company will seek alternative sources of funds for its business expansion and potential M&A activities," says Mooreast on Jan 3.
The convertible loan was to be from a fund by N PrimePartners Capital, managing the deal via a so-called variable capital companies structure. An interest rate of 3.7% per annum will apply and the loan will mature in 3 years.
According to Mooreast on Dec 30, it had on Dec 26 received an email from the lender saying its own investor has terminated its subscription to the VCC fund.
Back in June 18, Mooreast, located at 51 Shipyard Road, had announced plans to acquire an adjacent 98,919 sqm facility from Seatrium at 60 Shipyard Crescent to expand its production capacity for $13.5 million.
Mooreast shares last traded at 11 cents, down 21.43%.
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