LONDON (Alliance News) - Payments company MoneySwap PLC on Thursday said it has drawn down the final USD40,000 from its loan facility with Changsha Zhangdian Investment Co Ltd.
MoneySwap said it has now drawn down the full USD200,000 made available via the facility.
The funds will be used primarily to cover legal and regulatory costs for a more substantial fundraising the company will undertake.
In May, MoneySwap said it in talks with Hunan Commodity Exchange Co Ltd, in which Changsha Zhangdian is a substantial shareholder, with the intention of Hunan investing around USD4.5 million by way of subscription for new shares and/or warrants to subscribe in new shares in MoneySwap.
Shares in MoneySwap were untraded on Thursday, having last traded at 0.24 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.