Flexiroam Ltd (AU:FRX) has released an update.
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Flexiroam Ltd has secured a new loan agreement totaling A$1.5 million from CEO Steve Picton and Mr. Kenn Tat Ong, replacing a previously proposed capital raise. This decision aims to maintain shareholder value by avoiding stock dilution and provides the company with sufficient working capital to pursue its growth strategy in the travel sector. The loan, with a 12% annual interest rate and a 12-month term, comes with no share conversion option, ensuring a stable financial structure.
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