4.5 Million dollar in cash at a conversion price of $3.50! Higher than the current share price.
On May 9, 2017, Kiwa Bio-Tech Products Group Corporation (“Kiwa” or the “Company”) entered into a Convertible Loan Agreement with Junwei Zheng wherein the lender agreed to advance of approximately US$ 4.5 million (RMB 30,000,000) under a Convertible Promissory Note with a term of 24 months bearing interest at a rate of Fifteen Percent (15%) per annum. The Loan is convertible into Common Stock at any time at the option of the Lender at a conversion price of $3.50 per share.
The proceeds will be used for the further development of Kiwa products and distribution, as well as for general working capital.
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