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YuuZoo pays GEM Global US$80,000, extends funding agreement for second time

SINGAPORE-listed YuuZoo Corp has paid US$80,000 to GEM Global Yield Fund for agreeing to extend for the second time an agreement on a S$30 million funding facility.

The second amendment agreement was made on March 7, 2016. It was mutually agreed that the time period to obtain the approvals would be extended for an additional 60 days, bringing the total period to obtain the approvals to 210 days. The first agreement which had extended the time period 150 days was inked in November 2015 and announced on March 3.

YuuZoo announced that it had secured the funding facility from GEM Global in September 2015 for a term of maximum three years which also involved the issuance of ordinary shares upon the drawdown of funds over the term of the agreement and the issue of warrants carrying the right to subscribe for 55 million ordinary shares to GEM Global.

The company, as announced earlier, had already obtained the approval-in-principle from the Singapore Exchange for the listing and quotation of the shares and the warrant shares.

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YuuZoo said it will convene a special general meeting on March 21 to obtain shareholders' approval and has despatched a circular together with a notice of the special general meeting on March 4.