Swing Media Technology Group Limited (SGX:O2F) announced that it has entered into a conditional bond subscription agreement with several investors to issue unsecured 6% convertible bonds for gross proceeds of SGD 6 million on April 24, 2015. The bonds carry a 6% fixed rate of interest per annum, payable semi-annually and will mature in two years from the date of issuance. The bonds will be convertible into shares of the company at a conversion price of SGD 0.066 per share, subject to adjustments, for a total of 90,909,090 shares.

The transaction is subject to necessary approvals, including shareholders' approval, any governmental, regulatory and/or corporate approvals and consents. The closing of the transaction will take place in three business days after the fulfillment. The round will include participation from Sino Charm International Limited and Sino Charm International Limited who will invest SGD 2 million and Evelyn Yeoh Joe Wei and Goh Bee Lan, which will invest SGD 1 million.