The convertible loan was to be from a fund by N PrimePartners Capital, managing the deal via a so-called variable capital companies structure. An interest rate of 3.7% per annum will apply and the loan will mature in 3 years.
According to Mooreast, on Dec 26, the lender notified via email that its own investor has terminated its subscription to the VCC fund.
"As such, it is unlikely that the deposit will be received by the company on Dec 31.
"The company is seeking clarification from the lender on the email notification," says Mooreast.
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Mooreast shares last traded at 11 cents, down 21.43% year to date.
