Visa extension and compensation claim for unfair dismissal

I had joined a company 6 months back and now I have been terminated. the company has cancelled my CPR and visa on the 6th of July.

They say that I have to exit Bahrain before the 6th of August. I hear that I can get my stay extended by paying an amount to the LMRA and get it extended for 1 more month.

Please advice.