Ascent Bridge Secures SG$2 Million Bridging Loan

MT Newswires11-07

Ascent Bridge (SGX:AWG) has secured a SG$2 million bridging loan from Eastern Billion Industries (EBIL) and Hu Yidong to address liquidity issues, according to a Wednesday filing on the Singapore Exchange.

The loan, disbursed in full on Nov. 5, carries a 12% annual interest rate and has a six-month term, extendable for another six months. The loan is secured by 5.8 million shares of its subsidiary, MTBL Global.

The company had faced delays in securing approval for a proposed placement, following an interim injunction that was lifted on Oct. 23. If the placement proceeds, the loan's interest will be waived.

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