ADX Energy Ltd (ASX:ADX) entered into deeds of variation with the holders of 25 loan notes of AU$50,000 each, amounting to AU$1.3 million in total, extending the repayment period to March 31, 2026, according to a Friday Australian bourse filing.
Four of these loan notes carry an interest rate of 8% per annum, while the remaining 21 notes carry an interest rate of 12% per annum.
The variation will allow the company to use its current cash to fund nearfield drilling at the Anshof oil field, continued testing of the Welchau-1 well, and its application for Sicily Channel Exploration block offshore Italy, among other activities, the filing said.
Five loan notes, also of AU$50,000 each, amounting to AU$250,000 in total will be repaid on the original repayment date of Jan. 11.
The loan notes were issued to fund drilling and development activities in upper Austria.
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