- Ethema Health ( OTCPK:GRST ) said Wednesday it has signed an extension and forbearance agreement with Leonite Capital, extending the due date for its note due March 1, 2023.
- The company will continue to pay interest on the note and it will be due May 8, 2023.
- The company has also extended the closing on the purchase of the real estate at 950 Evernia Street for a period of 120 days from February 1, 2023 to June 1, 2023.
- Each successive thirty-day extension will cost the company an increasing fee amount that would reach a total of $70,000.00 if all extensions are used.
- Although the company has lined up financing with a partnership interest, it would require the company to keep its cash invested in the property over the long run.
- The company is pursuing other options for the real estate ownership that would not only get its deposit money out but allow it to get additional funds from the real estate which could be used to eliminate debt.
- Additionally, the company is nearing the completion of the definitive agreements on the previously announced acquisition, and is is also nearing the completion of a LOI for a lease location in Orlando, Florida for a de novo growth facility.
- Press Release .
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Ethema Health announces extension dates for debt repayment and real estate closing