TEE International has entered an agreement for a term loan of up to S$1.8 million with Meta5, an entity that had previously subscribed to its shares, the mainboard-listed company announced in a Friday (Jan 20) bourse filing.

The proceeds will fund costs associated with Tee International’s restructuring, as well as mortgage loan instalments and the company’s operating expenses.

In August last year, Tee International entered a conditional subscription agreement with Meta5 to issue new shares in the company worth S$7.5 million. It had earlier planned to raise up to S$14 million through new share subscription and issue, but this fell through after two investors decided not to proceed.

Trading in Tee International’s shares has been suspended since June 2021.