OxPay Financial Limited announced that it has entered into a convertible loan agreement with new lender, Oxley Capital Management Pte. Ltd. to issue convertible loan up to gross proceeds of $2,000,000 on June 21, 2024. The Lender shall advance the Loan to the Company in four separate equal tranches as $500,000 on or before the date falling seven business days from the date on which all of the Conditions have been fulfilled; $500,000 on any business day during the period of 24
months from the First Drawdown Date; $500,000 on any business day during the Availability Period;
and S$500,000 on any business day during the Availability Period. The Loan shall bear interest at the rate of 6.9% per annum commencing on and from the disbursement date of the relevant tranche of the Loan. The Lender shall have the right to convert all or any part of the outstanding Loan, including any interest accrued thereon but excluding any Default Interest payable, into fully paid new
ordinary shares in the issued and paid-up share capital of the Company in its sole discretion, at any
time from the First Drawdown Date, in accordance with the terms and conditions of the Convertible Loan Agreement. The price for each Conversion Share shall be S$0.0405 per Conversion Share, representing a 10% discount to the weighted average price of the Shares for trades done on the Singapore Exchange Securities Trading Limited.