- Debt restructuring business Credit Intelligence (CI1) has signed and executed a funding facility agreement with Clee Capital
- By issuing convertible notes to professional and sophisticated investors, Clee Capital has raised $1.35 million in gross proceeds
- The proceeds raised will help fund the growth of Credit Intelligence’s acquisitions, including ICS Funding and Hup Hoe Credit
- The company has also entered into a further agreement with Clee Capital, for the provision of corporate advisory services
- Credit Intelligence shares are grey at market open, worth 2.7 cents
Debt restructuring business Credit Intelligence (CI1) has signed and executed a funding facility agreement with Clee Capital.
Clee Capital has already issued 1.35 million convertible notes to professional and sophisticated investors, at a price of $1 per note. Through this issuance, Clee Capital has raised $1.35 million, before costs.
The issued notes are convertible into ordinary shares at three cents per share, within six months of the issue date. The shares which are issued on conversion will be equal to the value of the note being converted, divided by $0.03.
The notes which have been issued are unsecured and will have an interest rate of 6 per cent.
Clee Capital will be entitled to a management fee of two per cent, as well as a four per cent capital raising fee on the $1.35 million raised in funds.
The proceeds raised will primarily be used to fund the growth of businesses which Credit Intelligence has acquired interest in. These include companies such as ICS Funding and Hup Hoe Credit, which have both exceeded their profit guarantees since being acquired.
In addition to the funding facility agreement, Clee Capital has entered a further agreement with Credit Intelligence in order to provide corporate advisory services.
Credit Intelligence’s Managing Director, Jimmie Wong, commented on the company’s working relationship with Clee Capital.
“We look forward to working with Clee Capital as we continue to grow and develop the CI1 business in Asia Pacific and globally,” he said.
Credit Intelligence shares are grey at market open, worth 2.7 cents at 10:32 am AEDT.