Iofina PLC - IO#8 and Debt Update
("Iofina" or the "Company")
(LSE AIM: IOF)
IO#8 and Debt Update
Iofina, specialists in the exploration and production of iodine and manufacturers of specialty chemical products, is pleased to announce that operations at its newest iodine plant, IO#8, have recommenced. The Company is also pleased to provide an update on its debt refinancing.
Last month, Iofina reported that its newest iodine plant, IO#8, was idled due to shut-in wells, as a direct consequence of the significant drop in
The Company continues to make significant progress towards refinancing its debt and can confirm that it is in the final stages of negotiation with a new primary lender based in
The Company is pleased to report that Stena Investments S.à.r.l. ("Stena"), the Company's senior secured lender, has agreed, in principle, to extend the current repayment deadline for an additional two months from
The Company's junior secured lender,
The Directors remain confident that the Company will complete this loan refinancing within the Extension.
Commenting, President and CEO of Iofina Dr.
"We are grateful to Stena, our senior lender, for agreeing to the terms of the two month extension to the repayment deadline. We are extremely pleased with the progress that we have made despite the delays to the process caused by the COVID-19 outbreak and we are confident that we can complete the refinancing within this extended timeframe."
CEO & President
Tel: +44 (0)20 3006 3135
Tel: +44 (0)20 7220 0500
Tel: +44 (0)20 3004 9512
Iofina Resources develops, builds, owns and operates iodine extraction plants using Iofina's WET® IOsorb® technology. Iofina currently operates five producing IOsorb® plants in
Iofina Chemical has manufactured high quality halogen speciality chemicals derived from raw iodine, as well as non-iodine based products for over 35 years.
Iofina's newest subsidiary, IofinaEX, is fully licensed to process hemp in the state of
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
This information is provided by RNS, the news service of the
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Market Cap: £25.9 m
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