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Wellington provides short term funding update

Wellington Drive Technologies Ltd is pleased to advise that the company has negotiated a variation to the loan provided by Onimeg Investments Limited. The company will repay $1.5m on 17 September 2019, the due date. Onimeg Investments has agreed to a short-term extension of the repayment date for the $1.0m balance of the original $2.5m loan to 31 March 2020. This extension provides flexibility over the next 6 months as the company continues to explore growth options. The interest rate for the loan after the payment on 17 September 2019 will be 13.5%.