Merchant House International (ASX:MHI) has received the first tranche of $1 million of a promissory note issued to unit AMI (American Merchant Inc) factory following the sale of equipment at the factory in the US, according to a Wednesday filing with the Australian bourse.
The sale terms included a $1 million upfront payment, already received by AMI, and a $3 million promissory note, payable in two tranches.
The first tranche of $1 million in 30 days has now been received, while a second tranche of $2 million is expected in 60 days following the sale.
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