Norwood Systems Ltd (ASX:NOR) Varies Cash Drawdown Facility
Loan Agreement Variations
Norwood Systems Ltd (ASX: NOR) has announced a fourth deed of variation to its cash drawdown capital facility, initially set at $300,000. The loan, provided by Balmain Resources Pty Ltd, previously varied three times, increasing to $640,000 in November 2024.
New Terms
The fourth variation extends the repayment date to 31 January 2025. An extension fee of 1.5% will be payable on this revised principal amount of $699,603, encompassing interest and related fees. All other terms of the Loan Agreement remain unchanged. The Board considers the transaction arm’s length, with terms favourable compared to prevailing market rates.
Executive Comments
The Board in its announcement expressed gratitude towards Dr John Tarrant for his ongoing support and commitment to the company.
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