SINGAPORE (Oct 4): METech International has announced that it has entered into a term sheet agreement with a crowdfunding platform to issue non-convertible bonds for $2 million.

Based locally, the undisclosed platform has been licensed by the Monetary Authority of Singapore, dealing with equity and lending-based crowdfunding for startups, according to METech’s aftermarket filing.

The loan tenure will be for 24 months, with 50% of the principle due in 12 months and the next 50% in the following 12 months. METech has the option of repaying the full sum in 12 months without incurring any penalty.

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