Eden Innovations Ltd - EDEN EXECUTES AGREEMENT TO EXTEND US SECURED DEBT

About this update from Eden Innovations Ltd

Eden Innovations Ltd (Eden) (ASX: EDE) is pleased to report that it and its US subsidiary, Eden Innovation LLC ('Eden US'), have executed a 6 months' extension of Eden US's iBorrow Financing Facility until 7 February 2025 . The material terms of the extension are: The current debt is US$5.8million (the 'Current Loan') which remains secured against Eden US's three US properties (being two properties in Colorado and one in Georgia ) and guaranteed by Eden. The renewal fee is US$116,000 (2%),payable in equal instalments over a three-month period, the first instalment having already been paid. A reduction of the Current Loan by a payment of US$150,000 (reducing the principal sum owing under the facility to US$5.65 million ) is payable on November 1, 2024 . The interest rate has been changed to a variable third party reference rate + 600-point spread (currently 11.32%), with a floor of 11.00% per annum. In relation to the proposed sale of two of Eden's three properties in Augusta, Georgia ( Augusta ) and Littleton Colorado (Mead) Eden US has the right to discharge each from the mortgage in the event of either or both of these properties being sold, subject to: o the Lender being paid out of the nett proceeds of each respective sales (up to the balance of the Principal Sum owing at that time), the following: ? The greater of 92% of the net sale proceeds of the property or $3,500,000 (in the case of Augusta ) or $2,000,000 (in the case of Mead). Contact: Tel: +61 8 9282 5889. (C) 2024 Electronic News Publishing, source ENP Newswire

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