Under terms of the investment, EDIS can convert the bond into shares at 14 cents each, adding up to 21.43 million shares. The conversion price is a 84% premium to Mencast's VWAP of 7.6 cents on April 15, before a trading halt was called.
Economic Development Innovations Singapore will be raising its stake in marine engineering firm Mencast Holdings via $3 million worth of convertible bonds.
The bonds, to be issued for a three-year term, carries an interest of 4.75% per year.
