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.
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.
