FingerMotion Secures Short-Term Loan Facility of SGD250,000

FingerMotion, a subsidiary of FingerMotion, Inc., has recently secured a short-term loan facility of Singapore Dollars Two Hundred Fifty Thousand (SGD250,000.00) from individual lender Rita Chou Phooi Har. The loan agreement, dated 4th November 2024, outlines the terms and conditions of the loan facility.

As per the agreement, the funds from the loan are designated for the exclusive purpose of working capital for FingerMotion’s business operations. The lender has the discretion to enquire about the usage of the loan proceeds but is not obligated to monitor or verify the application of the funds.

Conditions precedent for the loan to become available include the Borrower authorizing the loan, and the completion of all necessary acts, conditions, and representations as per applicable laws. The Borrower is required to draw down the Principal Sum during the Availability Period by submitting a Drawing Notice to the Lender.

Repayment of the Drawing Amount is scheduled to be made on each Principal Repayment Date in Singapore Dollars. Prepayment of the loan is allowed with prior notice and payment of accrued interest. Interest on the Loan is set at a monthly rate of 1.67% to be paid monthly.

The agreement details various events of default, each constituting a breach of specific clauses, for instance, failure to make payments, breaches of obligations, or material adverse changes affecting the Borrower’s operations.

The loan agreement further describes various provisions regarding waivers, successors, indemnities, notice, modification, currency indemnity, laws, jurisdiction, severability, entirety, and counterparts.

The Borrower, FingerMotion Company Limited, and the Lender, Rita Chou Phooi Har, have signed the agreement in the presence of witnesses. FingerMotion’s CFO, Lee Yew Hong, representing FingerMotion, signed the Drawing Notice, confirming compliance with lender requirements.

This loan agreement outlines the terms under which FingerMotion can access short-term financing to support its business activities, providing a strategic financial boost for operational needs.

Contact:
FingerMotion Company Limited
Unit 912, 9/F., Two Harbourfront, 22 Tak Fung Street,
HungHom, Kowloon, Hong Kong

Rita Chou Phooi Har
[Address]
[Contact Information]

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read FingerMotion’s 8K filing here.

FingerMotion Company Profile

FingerMotion, Inc, a mobile data specialist company, provides mobile payment and recharge platform system in China. The company offers telecommunication products and services, including data plans, subscription plans, mobile phones, and loyalty points redemption services; bulk short message service and multimedia messaging services; and Rich Communication Services (RCS) platform, a proprietary business messaging platform that enables businesses and brands to communicate and service their customers on the 5G infrastructure.