SCAM
This is a vital development prior to Activating its $25 Million Credit Facility
JAKARTA, Indonesia, 2020 /PRNewswire/ -- The Company's representative confirms today that its local bank in Jakarta, Indonesia, China Construction Bank, Jakarta will receive a SWIFT transmission of a $30 million, Bank of China, MT-799 within this week currently being scheduled on January 29th, 2020. The MT-799 is a pre-advice transmission alerting KinerjaPay Corp's bank to accept a final transmission of the actual Bank of China MT-760 bank guarantee. The terms of our non-recourse, $25 million credit facility allows the Company to draw down a net $22.5 million evenly over three months. The first drawdown should be within days of the receipt of the MT-760. We expect to receive the final MT-760 within a short period after the banks reopen after the Chinese New Year holiday break. The MT-799 will be sent on behalf of Infinity Venture Capital Pte. Ltd., a Singaporean based corporation owned by Indonesian investors. On January 22, 2020, Infinity executed a $200 million subscription agreement for a series of convertible preferred which converts into equity at $1.80/share with a 7% annual dividend. This convertible preferred has no anti-dilution rights. Upon receipt of the first $22.5 million, the Company will deliver the same value of the convertible preferred series mentioned above. It is Infinity's intention to deliver the remaining $177.5 million in the same manner, as fast as the Company's bank will increase the credit facility to lend on non-recourse basis versus these guarantees.
Mr. Edwin W. Ng, CEO of KinerjaPay Corp. (OTCQB: KPAY) said: "We are excited to finally conclude our negotiation with our Investor to receive the Bank Guarantee that we need to begin the first equity round under the credit line process. We have gone through an extensive education to finally reach our goal of using these bank guarantees to fund our KFUND lending operations, as well as other uses that we have previously disclosed. We are still awaiting Gabriel Capital Ltd.'s right sized bank guarantee. They have been having trouble breaking up their commitment into guarantees smaller than $100 million at a time. We are also in advanced discussions with several other groups to send MT-760 guarantees acceptable to our bank. We are gratified that Infinity believes enough in KPAY's ecommerce and lending platform such that they committed equity at a substantial premium to our currently traded stock price. They agree we have a bright future! With the proceeds of the investment, we intend to pay off our convertible debt, which has been depressing the stock price, as well as advance our previously announced stock buy back program. We believe the Company's year-long attempt to raise substantial equity is nearing its end."
