RC635 agrees loan note to fund expansion in Malaysia, Japan, UK
Proactive Investors – RC365 Holding PLC (LON:) has agreed a £4 million convertible loan note with Mill End Capital, which the payment solutions firm said will aid expansion globally.
Comprising two tranches of up to £600,000 and £1.4 million respectively, RC365 said on Monday that proceeds would be used to fund development of its existing operations.
In particular, operations in Malaysia, Japan and the UK will be expanded using the funds, the firm said.
“We are delighted to have entered into this convertible loan note agreement,” chief executive Chi Kit Law commented.
“[It] enables us to drive the company forward and continue expanding our operations in Malaysia, Japan and the UK.”
Mill Hill will be issued shares at 80% of their lowest volume-weighted average price in the days prior to when the notice is served.
The number of shares issued will be based on such prices at the time, with RC365 saying shareholders would be asked to authorise the issue of at least 30,000,000 common shares.
