Atlas Pearls in debt deal with Martin

Aquacuture firm Atlas Pearls and Perfumes has locked in two debt facility agreements for a total of $3 million, one of which is with its director, Tim Martin.

Perth-based Atlas said today it had secured a $2 million extension to its existing $1.5 million financing package with Mr Martin and his family.

Mr Martin is the executive chairman of private company Coogee Chemicals.

Atlas has also signed a $1 million facility agreement with National Australia Bank, as it completes the repayment of a $5 million debt facility to Commonwealth Bank of Australia.

“Nab replaces CBA in holding a first charge over the company assets to secure the overdraft facility,” Altas said.

“When combined, these two facilities provide the company with the necessary working capital to continue with the delivery of the company’s strategic plan on a stable footing, with a highly supportive shareholder and a more aligned banking provider.”

Atlas shares closed 3.7 per cent lower to 2.6 cents each.