MoneyOnMobile, Inc. (OTCMKTS:MOMT) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
Item 2.03
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Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant. |
subsidiary of MoneyOnMobile, Inc. (the “Company”) entered into a
Loan Agreement (the Loan Agreement) with YES BANK Limited (the
Lender), to which the Lender extended an unsecured credit
facility to the Company totaling INR 100 million or approximately
USD 1.5 million (Credit Facility). As part of the agreement, a
MoneyOnMobile, Inc. shareholder provided the lender with a USD
2.0 million standby letter-of-credit in order to assure repayment
by MMPL of any amounts borrowed from the Lender. Borrowings under
the Credit Facility are at a variable rate based on 2.1% over a
base rate, which is currently equal to 9.5%. The resulting
aggregate interest rate on the Credit Facility totals 11.6% and
matures in December 2017. In the event of a default, the Lender
may seek standard remedies. The foregoing descriptions of the
Loan Agreement and related agreements do not purport to be
complete and are qualified in their entirety by reference to the
complete text of the Loan Agreement, which is filed as Exhibit
10.1 hereto and incorporated herein by reference.
announcing Executive VP, Will Dawson, was recently interviewed on
The RedChip Money Report television program. The press release is
attached hereto as Exhibit 99.2.
announcing the $1.5 Million Unsecured Lending Transaction with
YES BANK Limited. The press release is attached hereto as Exhibit
99.1.
announcing that Chairman and CEO Harold Montgomery, was recently
interviewed on TheStreet online business news program. The press
release is attached hereto as Exhibit 99.3.
information and exhibits attached hereto in this Section 7.01
shall not be deemed “filed” for the purposes of Section 18 of the
Securities Exchange Act of 1934, nor shall it be deemed
incorporated by reference in any filing.
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Exhibit No.
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Description
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10.1
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Facility Letter with YES BANK Limited
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99.1
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Press Release: The RedChip Money Report Press Release
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99.2
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Press Release: New Unsecured Credit Facility Press
Release |
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99.3
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Press Release: TheStreet Press Release
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About MoneyOnMobile, Inc. (OTCMKTS:MOMT)
MoneyOnMobile, Inc., formerly Calpian, Inc., is an early-stage company. The Company operates through the MoneyOnMobile segment, which is a mobile wallet service used to pay for goods and services from a mobile phone and to make other financial transactions. MoneyOnMobile allows consumers, to deposit funds into their mobile wallet or to perform a financial transaction through its agent network of approximately 313,541 retail locations as of April 30, 2016. Consumers use their mobile phones to make certain routine payments for utilities or to transfer currency to other consumers using text-messaging and mobile application technology. MoneyOnMobile offers electronic wallet services (M-wallet), similar to carrying a prepaid debit card, however using the consumer’s mobile phone. MoneyOnMobile has a multi-lingual application. By using this application, customers, through its agent network, can pay for goods and services and send money anytime and anywhere. MoneyOnMobile, Inc. (OTCMKTS:MOMT) Recent Trading Information
MoneyOnMobile, Inc. (OTCMKTS:MOMT) closed its last trading session down -0.150 at 0.510 with 27,142 shares trading hands.
