Eden Innovations (ASX:EDE) has announced that it has agreed in principle to amend the sale contract for its Georgia, USA, industrial property. The amendment, which is still being finalised, will allow the purchaser, JB2 Partners LLC, to extend the inspection period for up to twelve additional 30-day periods by paying a US$50,000 extension fee per extension.
Additionally, Eden has agreed in principle to extend its iBorrow Financing Facility until 15 January 2026, subject to the execution of the First Amendment Agreement. The facility was previously extended until 7 February 2025, and this further extension is expected to provide additional time to complete the sale of the Augusta and Mead Way properties.
Under the proposed agreement, the extension fees paid by the purchaser will be allocated in stages, with a portion of the funds applied towards the loan’s interest reserve and principal paydown. If the Augusta property is sold first, Eden will apply US$4 million from the sale proceeds to the iBorrow loan principal, less any amounts already paid from the extension fees. If the Mead Way property is sold first, all net proceeds from that sale will be used to repay the iBorrow loan, with the remaining balance to be paid from the Augusta sale.
Eden stated that the First Amendment Agreement and the variation to the iBorrow facility are still being finalised and will be executed as soon as possible. The company expects to provide further updates as the sale process progresses.
