Wellnex Life (ASX/AIM:WNX) (ASX/AIM: WNX) said it has extended the repayment date for loans from former directors totalling approximately $2.88 million including interest, moving the deadline from 20 April to no later than 21 July.
The company agreed to pay the former directors $150,000, to be rolled into the loan principal, and said the repayment date may be extended to 21 August for a further aggregate payment of $50,000, also to be rolled into principal, with interest accruing at 10% on the loan principal.
Wellnex Life said it must accelerate repayment, which would reduce interest payable, if it receives cleared funds from the proceeds of a corporate transaction, including but not to the sale of assets or a capital raising, sufficient to repay the loan.
Separately, the company has agreed with former CEO Zack Bozinovski to engage him as a consultant to provide advisory and project-based services.
The update was disclosed in an ASX/AIM announcement authorised by the board of Wellnex Life Limited.
