logo-loader
viewIofina PLC

Iofina says subsidiaries receive loans totalling US$1.09mln from the US government

The loans come under the US Small Business Administration's Paycheck Protection Program (PPP) which is part of the Coronavirus Aid Relief and Economic Security Act (CARES)

dollars
PPP loans, or a portion of the loan, may be forgivable if loan proceeds are used for eligible purposes, including employee retention and payroll

Iofina PLC (LON:IOF), specialists in the exploration and production of iodine and manufacturers of specialty chemical products, has announced that its subsidiaries Iofina Chemical Inc., and Iofina Resources Inc., have received loans totalling US$1.09mln from the US government.

The loans come under the US Small Business Administration's Paycheck Protection Program (PPP) which is part of the Coronavirus Aid Relief and Economic Security Act (CARES).

READ: Iofina seeking alternative sources for brine at IO#08 plant in western Oklahoma

PPP loans, or a portion of the loan, may be forgivable if loan proceeds are used for eligible purposes, including employee retention and payroll.

At this time, the group said, it expects a significant majority of funds received to be eligible for forgiveness under the program.

As previously reported on May 4,2020, Iofina added, brine to its IO#8 plant in western Oklahoma has been reduced and the plant is currently not operating at this time.

Whilst not certain, the company said it expects viable brine volumes to return to IO#8 in the third quarter of 2020 as the US economy recovers and oil prices stabilize.

The company added that its four other IOsorb iodine plants are unaffected and continue to operate as expected.

Quick facts: Iofina PLC

Price: 13.666 GBX

LSE:IOF
Market: LSE
Market Cap: £26.22 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Iofina PLC named herein, including the promotion by the Company of Iofina PLC in any Content on the Site, the Company receives from said issuer...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Morning Report: FTSE 100 rallies, Tesco sales surge but so do costs

Headlines from the Proactive UK newsroom. FTSE 100 rallied as US markets put in a strong performance overnight. London’s blue-chip index was 46 points higher at 6,192 early doors. Tesco revealed its bank arm would lose between £175-200mln this year due to a surge in bad debts. Grocery...

on 26/6/20

2 min read