The loan is detailed in the Loan Agreement between Ms Coutts and Memphasys Ltd dated 7th February 2017.
The key terms of the loan are as follows:
- Principal: $300,0000
- Interest rate: 10% per annum, payable at the end of the period
- Period: 1 year• Redemption: The loan and accrued interest may be repaid by the Company at its
discretion, any time before the loan’s expiry.
Ms Coutts intends to seek shareholder approval to convert the loan to equity at the next meeting of shareholders.
Ann: Appendix 3B, page-6
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