MC Payment has, through its placement agent, OCBC Securities, received subscription for 10 million new shares of the company amounting to $4.0 million in gross proceeds.

The subscription came from a group of investors including corporate veteran Toh Soon Huat, Lim Tiong Kheng, Levin Lee of Ace Peak Capital, as well as other high net-worth clients of OCBC Securities.

MC Payment says it expects to receive $3.2 million net proceeds from the share placement, of which $1.8 million will be used to redeem its outstanding Series D convertible bonds maturing in June 2021.

The balance $1.4 million will go to paying off its outstanding expenses for the reverse takeover of the company.

SEE:MC Payment to raise some $6.4 million on proposed placement of up to 16 mil shares

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The placement shares represent about 3.8% of the company’s existing issued share capital to-date, and about 3.7% of its enlarged share capital.

“We are very pleased that a number of well-established, respected institutional investors have indicated their interest in the share placement, and shown their confidence in our business model and industry prospects. We appreciate the trust placed in MC Payment by our investors, and we remain dedicated to creating long-term sustainable value for all our stakeholders,” says MC Payment CEO Anthony Koh.

Shares in MC Payment closed 2.5 cents lower or 5.7% down at 41 cents on March 10.