The VCC is under Hildrics Capital, whose CEO Choo Kee Siong is a former managing director with UOB's commercial banking group. Wee Teng Chuen, a son of UOB CEO Wee Ee Cheong, is an executive director and COO of the firm.
According to mm2 Asia in its March 9 announcement, the funds are to be used to restructure the company and to beef up its working capital.
As part of this deal, mm2 Asia is to also call for a rights issue and raise $10 million from existing shareholders.
Additional terms of these deals are to be finalised.
See also: iWOW seeks to raise $15 mil placing out shares at 22.5 cents each
mm2 Asia shares have been suspended since Nov 11, as it faces mounting demands from creditors all over.
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