Global Token Limited announced that reference is made to the announcement dated 6 September 2019 in relation to the extension of loan repayment date of the principal amount of HKD 10,000,000. Unless otherwise defined, capitalised terms used in this announcement shall have the meanings as those defined in the Announcement. Pursuant to the Original Loan Agreement, the Lender advanced a loan in the principal amount of HKD 10,000,000 bearing interest at a rate of 15% per annum to the Borrower. The Borrower has paid all interest accrued on the Loan from the date of the Original Loan Agreement to the Second Extended Maturity Date and pursuant to the Fourth Extension Agreement, among other matters, the parties agreed that the Borrower shall pay the accrued outstanding interest due from the Third Extended Maturity Date in the amount of HKD 750,000 to the Fourth Extended Maturity Date. Pursuant to the Fourth Extension Agreement, the principal amount of the Loan and the interest accrued on the Loan from the date of the Second Extended Maturity Date to the date of the Fourth Extended Maturity Date shall be repaid to the Lender on Fourth Extended Maturity Date (i.e. 8 September 2020). The Lender had cashed the repayment cheques amounted to HKD 12,250,000 received from the Borrower soon after The Fourth Extended Maturity Date. On 23 September 2020, the Lender received a written notice from the bank that the repayment cheques received from the Borrower were bounced. Demand letters have been immediately issued to the Borrower and the Guarantee demanding repayment of the Loan and the interest accrued thereon.