YuuZoo Corp gets $30 million capital commitment from GEM Global

SINGAPORE - Social e-commerce and payments company YuuZoo has secured a S$30 million funding facility, it said on Monday.

GEM Global Yield Fund, a New York-based private alternative investment group, said it will provide the firm the funds over the next three years.

The funds come in the form of a capital commitment. YuuZoo can draw funds by issuing shares to GEM Global.

The price per share will be at a 10 per cent discount on the closing price of YuuZoo shares on the date that funds are drawn by the firm.

YuuZoo said it "has no obligation to draw on the funds on offer and will control the timing and maximum amount of any drawdown", and this is subject to a requirement that GEM Global does not hold more than 19.9 per cent of YuuZoo shares on the issue of shares.