Alpha Energy Holdings Limited (Catalist:5TS) announced that it has entered into non-binding term sheet with new investor Didi Investments, Inc for a private placement of convertible loan for gross proceeds of SGD 20,000,000 on July 6, 2020. The loan will be issued at par. The loan bears fixed interest rate of 6% per year, payable quarterly in cash, is repayable after 5 years from the date of utilization, and is convertible, at the option of the company and the investor, into common shares of the company at a fixed conversion price of SGD 0.0035 per share. The loan cannot be converted if it causes the investor’s stake in the company to exceed 29.9%. The company may, at any time and upon providing notice to the investor, prepay the whole or any part of the convertible loan. The loan availability period is from, and including, the date of the convertible loan agreement to, and including, October 31, 2020. The transaction is subject to shareholder approval, and definitive agreeement to be entered into shortly, by the company and the investor. As a part of the transaction, Yoshiyasu Naruse, CEO of Didi Investments, Inc will join the board of directors of the company.