Oxpay Financial obtains $2m convertible loan

The loan bears an interest rate of 6.9% per annum.

Oxpay Financial secured a $2m convertible loan facility from Oxley Capital Management, owned by its controlling shareholder, Ching Chiat Kwong.

Ching holds a 27.85% stake in OxPay Financial.

An interest rate of 6.9% per annum will apply to the loan beginning on the disbursement date of each tranche. Oxley Capital Management will disburse the loans in four tranches.

Oxley Capital Management can convert all or part of the outstanding loan into fully paid new ordinary shares in the company's issued share capital at $0.0405 per share.

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