Druces’ Capital Markets team has advised GSTechnologies Ltd, a fintech company which recently announced the soft launch of its crypto asset exchange, in connection with an unsecured convertible loan facility to receive funding of up to US$1.6 million with an institutional investor introduced by OvalX, the Company’s broker.
The proceeds from the loan facility will further strengthen the company’s cash position, providing funding visibility through to Q4 2023, and will be used to assist the development and rollout of the group’s GS Money and associated services, as well as for general working capital purposes.
Jack Dervyn (Partner) led Druces’ Capital Markets team on this transaction, which also included Mark Lamph (Associate). Jack commented:
“The GST board have continued to make progress across 2022, and entry into the loan facility is a notable achievement, as well as a show of faith by the institutional investor.”
Tone Goh, Chairman of GST, observed:
“2022 has been a year of change for the GST group, and we are pleased we can rely upon Druces to assist us whenever we have opportunities that may present themselves”.
Further information
Further details of the fundraising can be found at:
Jack Dervyn
Partner
Mark Lamph
Senior Associate
