The Group entered into a $5.0 million loan facility ('Facility')...

The Group entered into a $5.0 million loan facility ('Facility') with Catcha Group Pte Ltd in November
2017. The Facility is secured by a first ranking security over all the assets of the Company Group in
favour of Catcha Group Pte Ltd under a General Security Agreement. Key terms of the Facility include:
• An interest rate of 12% per annum with a maturity date of 3 years.
• A commitment fee of 3% on the $5.0 million loan amount, payable upon commencement and
a commitment fee of 2% per annum on the undrawn balance of the loan, which starts accruing
once the Company draws on the loan.
• Draw down subject to shareholder approval (obtained at the Company’s 2018 annual general
meeting) of the issue of unlisted options over shares to be granted to Catcha Group Pte Ltd
(at exercise price of $0.20 per option).
• Customary financial and operational undertakings by the Company, including relating to
reporting and maintenance of assets and profitability.

Nasty loan, surely the co will raise $$$ instead of drawing down on this.