MMP Resources to issue convertible notes worth S$600,000

MMP Resources has inked a convertible note subscription agreement with Maiora Asset Management, which acts on behalf of lender Maiora Asian Structured Finance Fund, to issue convertible notes with a face value of S$600,000.

Subject to the approval of Singapore Exchange and shareholders, MMP shall issue up to 25 million free detachable warrants to the lender, which may be exerciseable in full by the lender into 25 million new shares.

Each warrant carries the right to subscribe for one share at an exercise price of S$0.007 for each new share.