EDEN INNOVATIONS LTD — Capital/Financing Update 2024

Aug 6, 2024

ACN 109 200 900

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AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

7 August 2024

EDEN EXECUTES AGREEMENT TO EXTEND US SECURED DEBT

Eden Innovations Ltd (Eden) (ASX: EDE) is pleased to report that it and its US subsidiary, Eden Innovation LLC (“Eden US”), have executed a 6 months’ extension of Eden US’s iBorrow Financing Facility until 7 February 2025 (see Eden’s earlier ASX announcements of 27 May 2022, and 19 July 2023).

The material terms of the extension are:

• The current debt is US$5.8million (the “Current Loan”) which remains secured against Eden US’s three US properties (being two properties in Colorado and one in Georgia) and guaranteed by Eden.

• The renewal fee is US$116,000 (2%),payable in equal instalments over a three-month period, the first instalment having already been paid.

• A reduction of the Current Loan by a payment of US$150,000 (reducing the principal sum owing under the facility to US$5.65 million) is payable on November 1, 2024.

• The interest rate has been changed to a variable third party reference rate + 600-point spread (currently 11.32%), with a floor of 11.00% per annum.

• In relation to the proposed sale of two of Eden’s three properties in Augusta, Georgia (Augusta) and Littleton Colorado (Mead) (see Eden ASX Announcement dated 24[th] of June 2024) Eden US has the right to discharge each from the mortgage in the event of either or both of these properties being sold, subject to:

  • the Lender being paid out of the nett proceeds of each respective sales (up to the balance of the Principal Sum owing at that time), the following:

    • The greater of 92% of the net sale proceeds of the property or

      • $3,500,000 (in the case of Augusta) or

      • $2,000,000 (in the case of Mead).

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Gregory H. Solomon Executive Chairman

This announcement was authorised by the above signatory. For further information please contact Jamie Scoringe on +61 8 9282 5889.

Eden Innovations Ltd | Telephone +61 8 9282 5889 Level 15, 197 St George’s Terrace, Perth, Western Australia 6000, Australia | edeninnovations.com

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