The $1.4 million will be disbursed via four separate tranches between April 1 and April 10.
According to OEL, it plans to use the funds for working capital, business expansion, and cash flow needs.
On Dec 30, the company announced that AJJ Healthcare Management, its subsidiary, has signed a master agreement with ALPS, to supply the Chison SonoBook 9 portable ultrasound machine, which AJJ distributes.
ALPS helps Singapore's public healthcare organisations procure supplies and equipment.
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The master agreement runs from Dec 23 2022 to Dec 22 2025 and there is an option for a two-year extension.
On Feb 28, OEL announced that its net loss for FY2022 ended Dec 31 2022 widened by 150.9% over FY2021 to $4.24 million.
Revenue in the same period increased by 144.2% y-o-y to $779,000.
OEL shares last traded at 0.6 cent.
