Value Convergence Holdings (HKG:0821) said it will raise HK$5 million through two convertible bond subscriptions under its general mandate, according to a June 13 Hong Kong bourse filing.

It also signed a memorandum of understanding with Monochrome Corporation to explore fintech and crypto-related investments.

The first bond, worth HK$3 million, was subscribed by Monochrome, while the second, worth HK$2 million, was subscribed by CJEF Capital Partners. The bonds carry a 1% annual coupon and a two-year maturity, with a conversion price of HK$0.04 per share, according to the filing.

The firm will use proceeds to repay liabilities and for general working capital, including rent and salaries.

Shares of the finance firm closed 3% lower on Monday.