KinerjaPay Corp (OTCMKTS:KPAY) Explodes Up The Charts

The most talked about name on the OTC Markets right now is KinerjaPay Corp (OTCMKTS:KPAY). The stock rocketed higher 183% on Wednesday after the company announced a major financing package. We said back in April that OTCMKTS:KPAY could hit new highs and we were right on the money. Taking a look at KinerjaPay, there's a lot to like and why we think this stock isn't done running. OTCMKTS:KPAY Daily ChartAbout OTCMKTS:KPAYKinerjaPay enables consumers to "Pay, Play and Buy" through its secure web portal and mobile applications. Based in Indonesia, the Company provides an easy and convenient payment solution while shopping online at its marketplace platform. With its current omni-channel platform, users can perform various payment services such as credit card bill payment, utility, phone bill, healthcare insurance and direct transfer to anyone at their convenience. KinerjaPay is also planning to launch other eCommerce verticals such as travel market, delivery services, and online gaming in the near future. The Company's services are available through its mobile applications and on its website at www.kinerjapay.com.Latest Financing PackageKinerjaPay Corp successfully concluded negotiations with its local bank, China Construction Bank Indonesia (CCBI), which will provide the Company with a $25 million, non-recourse credit facility. This credit facility will be accessed by the Company utilizing the Gabriel Capital Ltd. ("Gabriel") HSBC bank guarantee, the draft of which has already been approved by the Bank's Credit Committee.Gabriel is a privately-owned, Indonesian family controlled entity, based in Singapore. The final HSBC bank guarantee for $25 million is expected to be received in KinerjaPay's account with CCBI within the week. Upon delivery of the collateral, KinerjaPay will draw down the guaranteed net proceeds of $22.5 million in three monthly tranches of $7.5 million commencing within 48 hours of receipt of the final bank guarantee. Upon each draw, KPAY will issue Gabriel a proportionate number of shares of Series F and G Preferred Stock under Gabriel's executed Reg S Subscription Agreements, based upon the net subscription proceeds. Gabriel intends to continue delivering such guarantees until the full $200 million is received under these Subscription Agreements.CCBI will fund on a non-recourse basis supported by the collateral underlying the Gabriel guarantee. In effect, Gabriel is making an equity investment in KinerjaPay Corp.'s Preferred Stock, which is being issued in consideration for Gabriel's guarantee. The Series F Convertible Preferred Stock is convertible into shares of Common Stock at an average of $1.80 per share. The Series G Preferred Stock provides for KPAY's sole right to affect the conversion into Common Stock at $1.80 per share provided that the KPAY shares are trading at $3.50 or higher for a period of 20 days commencing six months after the dates of issuance of the Series G Preferred Stock. Gabriel, however, does not have the right to elect to convert the Series G Preferred Stock at its option. OTCMKTS:KPAY Chairman and CEO Edwin Ng said:

"We are extremely pleased to have completed the negotiation process with the local Bank for the non-recourse credit facility. We are also very fortunate to be supported by Gabriel Capital Ltd.'s equity investment in KPAY's Preferred Stock, shares of which shall issued upon receipt of the final HSBC bank guarantee. We have put in place an equity financing structure to enable KPAY to be at the forefront of Indonesian growth in key business and financial sectors."

Mr. Agoeng Noegroho, the Chief Investment Officer of the Singapore-based Gabriel Capital Ltd. said:

"We view our $200 million investment commitment, of which this first tranche of $25 million will close upon the delivery of our collateral, as evidence of our belief in Indonesia's growth and KPAY's ability to invest in exciting US technologies suitable for integration into the rapidly growing South East Asia economy."

Bottom LineKinerjaPay is now well-funded and sets the company up for an uplisting to NASDAQ. With a market cap of just $13.7 million, OTCMKTS:KPAY remains extremely undervalued considering its recent funding. We think KPAY could easily return to the highs seen earlier this year.We will be updating out subscribers as soon as we know more. For the latest updates on OTCMKTS:KPAY, sign up below!Disclosure: We have no position in OTCMKTS:KPAY and have not been compensated for this article. We may or may not initiate a LONG position in OTCMKTS:KPAY after 72 hours of publication.Image by David Mark from Pixabay