SmartKem, Inc. has entered into an agreement with Ferrox Critical Minerals Ltd. to extend the maturity date on three convertible promissory notes issued by Ferrox and held by SmartKem, totaling $9.1 million in original principal.
Key Details
- Agreement: On October 30, 2026, the companies executed an Omnibus Amendment to extend the maturity date for all three outstanding notes to a unified date of June 30, 2027.
- Affected Notes: The amendment applies to notes with original principal amounts of $1.5M, $2.7M, and $4.9M, which were previously set to mature on October 30, 2026, December 31, 2026, and January 31, 2027, respectively.
- Terms: All other terms of the notes remain unmodified and in full force and effect. The interest rate remains 5% per annum.