Lithium-for-earth Extends 4.9 Billion Won Loan to Housing Association Committee at 19.99% Interest

Lithium-for-earth has decided to extend the maturity of its existing loan of 4.9 billion won to the Hwayang-dong Grand Park Regional Housing Association Committee by three months.
The loan carries an annual interest rate of 19.99%, and with this extension, the total outstanding balance to the counterparty reaches 11.1 billion won.
The new loan amount represents 8.77% of equity capital of 55.87 billion won, and the total exposure ratio is 19.87%, indicating excessive credit concentration to a single counterparty.
The board meeting had two outside directors present and two absent, with the auditor attending to approve the resolution.
[AI Summary]Lithium-for-earth seeks financial income through high-interest lending, but excessive credit concentration to an unlisted local housing association increases principal repayment uncertainty. This extension signals the borrower's funding difficulties, and default or impairment could negatively impact the company's financial health.