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It' s hilarious that all their Lenders cannot be found on the internet, when even hawker stalls will yield thousands of results when Googled.
This Monkey Business is becoming increasingly comical each passing day......................
If u search the internet, You' ll not find anything abt the mysterious " Swiss-based" Asia Financial Group................
The Wild Wild West.....................
Suspended YuuZoo says it has secured commitment for a 3-year, S$30m equity facility
TUE, MAR 19, 2019 - 2:54 PM
YUUZOO Networks Group Corp said that it has secured commitment for a three-year, S$30 million funding facility from &ldquo Swiss-based&rdquo Asia Financial Group (AFG).
According to the Tuesday announcement, YuuZoo may draw down up to S$30 million over three years by issuing YuuZoo shares to AFG at a 7.5 per cent discount to the closing price of YuuZoo stock on the drawdown date.
The troubled social commerce company did not provide details about AFG, and gave only a brief summary of the terms of the deal in its filing. It is also unclear how, when and if YuuZoo will be able to tap this commitment, given that its stock has been under an exchange-imposed suspension since 2018 and there is still no visibility on when the suspension may be lifted.
The agreement will also see YuuZoo issuing 65 million warrants to AFG, each carrying the right to subscribe to one new ordinary share in the company at a 10 per cent premium to the three-day average market price of YuuZoo stock. Should AFG fully exercise the options, YuuZoo will receive an additional S$2.72 million in funds, the statement said.
The deal is subject to approval by the Singapore Exchange (SGX) and shareholders.
Attempts by BT to contact the company on Tuesday were unsuccessful. The contact person provided by YuuZoo was former Singapore CEO Mohandas, who the company is now describing as a non-executive director. Mr Mohandas, who goes by one name, has told BT that he no longer works for the company, has not accepted any new positions at YuuZoo, and does not represent them. The announcement on the AFG deal was submitted to the Exchange by YuuZoo non-executive chairman Anthony Williams.
YuuZoo' s announcement came a day after the company revealed that it had shut down all of its operations in Singapore, including laying off all staff in the country. The Business Times had also discovered that YuuZoo' s landlord at its now-vacated offices in Teletech Park issued a notice to YuuZoo on unpaid rents.
The Commercial Affairs Department, which investigates white-collar crimes in Singapore, has been investigating the company based on a 2018 referral by SGX, which raised questions about YuuZoo' s accounts. SGX has said that it will lift the suspension when it is satisfied that the company' s shares can be traded on a fair, orderly and transparent basis.
In responding to YuuZoo' s assertions on Monday that the trading suspension led to shuttering of its Singapore operations, SGX has said: " The state of affairs at the company is unclear and the company' s shares therefore remain suspended."
https://www.businesstimes.com.sg/companies-markets/suspended-yuuzoo-says-it-has-secured-commitment-for-a-3-year-s30m-equity-facility
Existing shareholders and those tempted to play this counter Beware...............their holdings and share price could well tank each and every time money is received fm 大 耳 窿 .............
Lots of 大 耳 窿 in the US stock markets everyday. Go and check out those shipping stocks, medical marijuana stocks, etc esp those in the OTC Markets that participates in what' s called Death Spiral Financing (search google to understand how this works).
Each time the 大 耳 窿 sells the shares and converts the warrants, the stock prices crashes over the cliff. And the next time the company draws more funds, they end up issuing even more stocks than the previous time just to cover the same amount of dollars. And then the company will do a Share Consolidation/Reverse Stock Split to bring up the share price. And the same ugly cycle continues.
What a joke.........
YNG Corp secures $30 mil capital commitment, but subject to approval
19/03/19, 11:01 am
SINGAPORE (Mar 19): YuuZoo Networks Group (YNG) has secured access to a $30 million funding facility from Swiss-based Asia Financial Group (AFG).
YNG will be allowed to draw down funds during the three-year term of the agreement by issuing ordinary shares to AFG at a price per share which represents a 7.5% discount on the closing price of YNG shares on the date such drawdown is requested by YNG.
The funding facility is subject to approvals by the Singapore Exchange (SGX) and its shareholders at an EGM.
It was only on Monday when YNG announced it had been " forced" to close all of its subsidiaries in Singapore, as well as to terminate the employment agreements of all of its Singapore-based companies, including its CEO and executive director Mohandas.
Last April, Singapore Exchange Regulation (SGX RegCo) reported YNG to the Commercial Affairs Department of the Singapore Police force for possible breaches of the Securities and Futures Act related to poor corporate governance in the e-commerce company.
YNG will control the timing and maximum amount of any drawdown under this facility and has no obligation to draw on the funds on offer. YNG has agreed with AFG on restrictions as comes to AFG&rsquo s possibility to sell shares it has acquired, thus securing an orderly, fair and transparent market.
In addition, YNG will also issue 65 million warrants to AFG each carrying the right to subscribe for one new share in the company.
The warrants will be issued within 60 days of the company obtaining shareholder approval for the agreement. The warrants will be exercisable for a period of five years from the issue date at an exercise price of 10% above the average market price for the last three days prior to the execution of the agreement.
https://www.theedgesingapore.com/yng-corp-secures-30-mil-capital-commitment-subject-approval
