Eden Innovations (ASX:EDE) has restructured its loan arrangements with its major shareholder Tasman Resources (ASX:TAS), according to a Tuesday Australian bourse filing.
The company confirmed that the loan owed by it to Noble Energy, a unit of Tasman, of AU$6.1 million, including accrued interest, has been repaid from the proceeds of two new loans, provided in equal amounts from Arkenstone, a company controlled by its director, Gregory Solomon, and March Bells, a company which is controlled by its director, Douglas Solomon.
The terms of both new loans are identical to the loan from Noble Energy as they are unsecured and repayable on demand with a 9.97% per annum interest rate, the filing added.
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