Promissory note funds received

Key points

• Sale of AMI equipment completed with US$1 million received on signing
• US$2 million promissory note tranche received on 60-day timeline
• Funds to strengthen company's financial position

Full summary

Merchant House International Ltd has announced the receipt of the second tranche of the promissory note issued as part of the sale of equipment at the AMI factory in the USA. On 10 February, the company had announced the sale terms, which included a US$1 million payment on signing and a US$3 million promissory note payable in two tranches - US$1 million in 30 days and US$2 million in 60 days. The company has now confirmed that the second tranche of US$2 million has been received, completing the promissory note payment. This sale and the subsequent receipt of funds will strengthen Merchant House's financial position as it continues to execute its business strategy.