Issue of Convertible Notes
Brisbane, April 10, 2018 AEST (ABN Newswire) - Byte Power Group Ltd (
ASX:BPG) (Company) is pleased to announce that it has secured an investor for A$1,000,000 pursuant to the Group's capital raising exercise. The investment is in the form of 100,000,000 Redeemable Convertible Notes ("Note") at an issue price of AU$0.01 per Note. The Note Term is 3yrs and each Note accrues interest at 8% compounding daily, payable quarterly in arrears.
The Group is in discussions with several parties who have expressed interest in subscribing for the Notes and expects to close the capital raising by the end of April. The Company confirms that its discussions with investors are in line with Section 708A of the Corporations Act and will make further announcements in relation to the issuance of further Notes as those discussions materialise.
The funds raised will add to working capital as the Company moves towards the launch of its Cryptocurrency Exchange.
Mr Alvin Phua, Chairman and CEO commented: "This investment is a strong vote of confidence in the Company and a validation of the Company's direction".
About Byte Power Group Limited
Byte Power Group Limited (ASX:BPG) is a diversified technology solutions group with a particular emphasis on securing Asian business opportunities.
Through Wimobilize, the Group has a new cutting edge technology solution, a proprietary Advance Hybrid Artificial Intelligence Big Data Technology Platform consisting of 31 Advance Analysis Engines, 4 levels of Hybrid Correlation and Al Profiling Algorithms customised for governmental, healthcare, banking, telco and tourism industries. This proprietary Big Data technology platform elevated the AI Predictive Analysis and deep insight intelligence to a new paradigm, applicable to any market segment.
This Wimobilize Big Data technology powered e-commerce ecosystem will provide the next generation innovative trading platform for distributing the Company's Australian wine, organic honey and honeycomb.
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