Provider of online payment solutions MoneySwap PLC (LON:SWAP) today announces that it has raised $150,000 by the issue of a new convertible loan note.
The Convertible Loan is unsecured and carries interest at an annual rate of 5%, It is repayable on March 11, 2018. The loan may be converted into new ordinary shares in MoneySwap on March 11, 2018 at a price equal to the average price of an ordinary MoneySwap share for the ten business days prior to the conversion date.
The Convertible Loan has been subscribed for by BVI-registered Leading Empire Group. MoneySwap says it is in talks with Leading Empire to subscribe for further tranches of the Convertible Loan of a similar amount.
The company will be undertaking more substantial funding in the near future which is set to be sufficient to fund the its development over the next couple of years. Discussions with potential sources of this development funding package are ongoing.
You can view the announcement from MoneySwap by clicking here.