ASF Group (ASX:AFA) has secured a $6 million convertible note facility from Oceanic Alliance Investments Limited (OAIL) to fund further acquisitions.
In return, the company has issued OAIL an unsecured convertible note.
The Note will bear an interest of 5% per annum and may be converted into ASF shares during the period commencing on the date of the note deed and ending 30 days immediately prior to the maturity date which is 24 months after the date of the deed at a conversion price of $0.28 per share.
ASF shares have risen $0.18 to $0.33 since December. This demonstrates the virtue of well managed share buy-backs and a tight share capital structure.
ASF is unique among ASX-listed public companies in Australia.
It is a Sino-Australian investment and trading house which focuses principally on the identification, incubation and realisation of opportunities in areas of synergy between China and Australia.
These include ventures involving oil and gas, resources, property, infrastructure, travel and financial services.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.
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