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Oxpay Financial to raise $2 million via convertible loan from controlling shareholder Ching

If the loan is fully converted Ching will have a total interest of 40% in the company

Oxpay Financial plans to raise $2 million for working capital via a convertible loan from an entity called Oxley Capital Management, owned by the company's controlling shareholder Ching Chiat Kwong.

Ching now holds a direct interest of 27.85% in the company and is on the board as a non-independent, non-executive director.

Under the terms of the deal, the loan carries an interest of 6.9% per year and can be converted into new shares at 4.05 cents per share.

If fully converted, Ching's own direct interest will dip to 23.14% but his interest in Oxpay Financial Tvv via Oxley Capital Management will be 16.92%, giving him a total interest of just over 40%.

Oxpay Financial shares closed at 5 cents on June 21, up 11.11%.

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