Merricks Capital has agreed to give Happy Valley Nutrition an extension to the maturity date by which the fledgling dairy company has to repay its secured debt, from June 30 to August 16.
The announcement on the Australian Stock Exchange from Happy Valley Nutrition came after it earlier announced a pause in trading and suspension from quotation.
Earlier in the week its chief financial officer Richard Chew resigned to pursue another leadership opportunity, effective June 23.
In a statement on its website, the company says it has worked with Chew on a transition plan and plans are in place to ensure a smooth operation and handover process until a new CFO is appointed.
“The board will continue to actively support the New Zealand-based management team as the company advances financing negotiations which are ongoing,” the statement says.
The company is in the process of building a milk processing factory in Otorohanga in Waikato. Since April 2016, Happy Valley Nutrition has completed a site acquisition, secured a water supply licence, locked in land use consents to build the factory and has gained the necessary resource consents for air, storm water and wastewater discharges, and water supply to operate the facility.