After all the enlightening replies and commentary here, decided to ask the experts. Here was reply from Mr Cheung:
$15 million was drawn down because: (a) about $8.5 million was used to pay down our existing debt with Black Sea Trade Development Bank as part of the closing conditions for the HSBC facility where we now pay a much lower interest rate i.e. LIBOR plus ~2%; (b) $5.1 million was used to take back the trade receivables as part of terminating our factoring program; and (c) the remaining $1.4 million was used as working capital for local subsidiaries so we don’t have to sell USD to buy EUR for certain subsidiaries and to avoid FX charges. In terms of mGage, please refer to our company website on examples of customer engagements.