Supply@ME Capital plc (LSE:SYME) (SYME) said it finalised and signed a £7mln short-term loan facility with Mercator Capital Management Fund LP.
Mercator is a Cayman Islands regulated fund, which SYME said was introduced to the company by ARC Group, as indicated early this month.
The short-term loan facility replaces the subscription agreement previously signed with Negma Group and will provide the funds to pay the £2mln owed to Negma.
SYME said it will also use the funds to support its growth and ongoing working capital requirements.
“SYME will also continue to work closely with ARC to further explore its NASDAQ dual listing' project,” the company added.