Mercurius issues 12m new shares worth S$1.2m to repay convertible loan

CATALIST-LISTED Mercurius Capital Investment has issued S$1.2 million worth of new shares to investors Hii Siew Chung and Cheah Bee Lin at a conversion price of S$0.10 apiece for 12.0 million new shares.

This is to repay a redeemable S$1 million convertible loan provided to the company by Mr Hii and Ms Cheah in 2017, the company said on Tuesday morning in a regulatory update.

The loan also bears an interest of 8 per cent per annum, which allows Mr Hii and Ms Cheah to claim up to 1.6 million additional new shares.

Following the move, the company's total number of issued shares has increased to 1.26 billion from 1.25 billion previously. This gives Mr Hii and Ms Cheah a 0.94 per cent share of the enlarged stake in the company.

The convertible loan is also considered fully repaid, with the new shares expected to be listed and quoted on the Singapore Exchange on or around Sept 10, the company added.

Mercurius shares closed on Monday at five Singapore cents, up 0.2 cent or 4.2 per cent.