YuuZoo Corp has paid US$80,000 ($108,615) to GEM Global Yield Fund for agreeing to extend for the second time an agreement on a $30 million funding facility.
The second amendment agreement was made on March 7, 2016. The time period to obtain the approvals would be extended for an additional 60 days, bringing the total period to obtain the approvals to 210 days. The first agreement, which had extended the time period 150 days, was signed in November 2015.
YuuZoo said it had secured the funding facility from GEM Global in September 2015 for a term of maximum three years, which involved the issuance of ordinary shares upon the drawdown of funds over the term of the agreement and the issue of warrants carrying the right to subscribe for 55 million ordinary shares to GEM Global.
YuuZoo says it will convene a special general meeting on March 21 to obtain shareholders' approval.
YuuZoo closed 0.5% higher at 19.2 cents.
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The second amendment agreement was made on March 7, 2016. The time period to obtain the approvals would be extended for an additional 60 days, bringing the total period to obtain the approvals to 210 days. The first agreement, which had extended the time period 150 days, was signed in November 2015.
YuuZoo said it had secured the funding facility from GEM Global in September 2015 for a term of maximum three years, which involved the issuance of ordinary shares upon the drawdown of funds over the term of the agreement and the issue of warrants carrying the right to subscribe for 55 million ordinary shares to GEM Global.
YuuZoo says it will convene a special general meeting on March 21 to obtain shareholders' approval.
YuuZoo closed 0.5% higher at 19.2 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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