8.4 million USD of debt financing has been raises by Asia Pacific Investment Partners (APIP) from Trade and Development Bank of Mongolia (TDB).
According to CEO of APIP Lee Cashell, We are extremely pleased with our ability to raise significant levels of capital, from both inside and outside Mongolia, during a challenging economic time in the Mongolian economy.
It is expected by the company to utilize the money to complete the construction of the Olympic Residence project, a 35,000 square meter luxury residential and commercial development in the heart of Ulaanbaatar.
The money would be offered to APIP s subsidiary companies, Central Asia Cement and Diamond Finance, supporting their continued expansion.
Additionally, the directors of APIP declared that the successful placing of the series C convertible note to a number of institutional and sophisticated investors across Asia, Europe and the U.S. Total proceeds raised from the convertible note to date are 4.23 million USD. The series C convertible notes mature in 2016 but automatically convert into shares in the event of an IPO.