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 says the lender of a $20.01 million convertible loan agreement signed in August has again delayed the payment of a $1 million deposit.
The loan agreement was first announced back in June. After a definitive agreement on Aug 13, the lender was supposed to put a deposit of $1 million but this was delayed four times to Dec 31. The long-stop date for the loan agreement was also extended to Jan 31 2025.
