Extension of Loan Repayment
Wellnex Life Limited has secured an extension for the repayment of approximately $2.88 million in loans to former directors, now due by July 21, 2026, with an option to extend to August 21, 2026, for an additional $50,000 fee, both amounts to be added to the loan principal. The company will pay $150,000 for the initial extension, and interest will accrue at 10% on the principal, with accelerated repayment possible upon receiving funds from a corporate transaction. Additionally, former CEO Zack Bozinovski will provide advisory services as a consultant.
Select text to share a quote on X · sign in to keep highlights & notes in your WNX notes
Wellnex Life Limited (ASX/AIM: WNX) ("Wellnex Life" or the "Company") announces an extension to the previously announced repayment of the loans to former directors totalling circa $2.88 million (including interest), which were due for repayment by 20 April 2026. The Company and the former directors have now agreed an extension, with full repayment of all outstanding amounts due by no later than 21 July 2026. The Company has agreed to pay the former directors a total of $150,000, to be rolled into the loan principal, in consideration for the agreement of the extension. The repayment date may be extended to 21 August 2026 for a further payment of, in aggregate, $50,000 to the former directors to be rolled into the loan principal. Interest will accrue at the rate of 10% on the loan principal. The Company is required to make accelerated repayment (hence less interest payable) if it receives cleared funds from the proceeds of a corporate transaction, including but not limited to the sale of any of the Company's assets or a capital raising, which gives the Company sufficient cash proceeds to repay the Loan.
In addition, the Company is pleased to announce that it has agreed with former CEO Zack Bozinovski to work with Company as consultant providing advisory and project-based services.
This ASX/AIM announcement has been authorised by the Board of Wellnex Life Limited (ASX/AIM:WNX).
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.