Iofina PLC (LON:IOF), the iodine from brine specialist, said it had signed a two-month debt repayment extension with senior secured lender Stena Investments.
Terms are for an aggregate payment of US$3.05mln to be made to Stena on 1 September.
Junior secured lender, Southern Rock Insurance (SRICL), has yet to agree an extension and Iofina said it will try to continue to work with the lender during the 21 day grace period of the current loan.
A sum of US$294,000 has been paid to SRICL, it said, which represents all interest and fees due on 1 July 2020 and a partial payment of 15% of the aggregate outstanding principal.
“The directors remain confident that the company will complete total debt refinancing within the extension,” said the statement.
Iofina is in talks with a new primary lender to refinance all its debt.