Healthway Medical receives S$8.6m from Gateway

Singapore

HEALTHWAY Medical Corporation (HMC) has finally received the net proceeds of the first tranche of a S$70 million convertible notes deal with Gateway Partners to solve its immediate cash needs, such as paying doctors' and nurses' salaries.

The private clinic operator said it has received S$8.6 million after deducting an upfront fee of S$1.4 million, following receipt of listing and quotation notice from Singapore Exchange (SGX) on Friday, based on filings on the exchange.

In return, HMC has issued about 296 million shares, based on the principal amount of S$10 million, to Gateway at S$0.03384 each, which will dilute shareholding…